NRS 645.215 Investigation
by Real Estate Division of certain transactions relating to unimproved land or
subdivision; injunction for fraud, deceit or false advertising.

REGULATION OF PRACTICES

NRS 645.230 Unlawful
to engage in certain conduct without license or permit or without complying with
certain provisions of chapter; power of Real Estate Division to file complaint
with court and assist in prosecution of violation; prosecution by district
attorney or Attorney General.

NRS 645.358 Payment
of child support: Submission of certain information by applicant; grounds for
denial of license; duty of Division. [Effective until the date of the repeal of
42 U.S.C. § 666, the federal law requiring each state to establish procedures
for withholding, suspending and restricting the professional, occupational and
recreational licenses for child support arrearages and for noncompliance with
certain processes relating to paternity or child support proceedings.]

NRS 645.358 Payment
of child support: Submission of certain information by applicant; grounds for
denial of license; duty of Division. [Effective on the date of the repeal of 42
U.S.C. § 666, the federal law requiring each state to establish procedures for
withholding, suspending and restricting the professional, occupational and
recreational licenses for child support arrearages and for noncompliance with
certain processes relating to paternity or child support proceedings and expires
by limitation 2 years after that date.]

NRS 645.370 Issuance
of license to certain organizations doing business as broker; restrictions.

NRS 645.380 Issuance
of license as broker required for certain members and officers of certain organizations.

NRS 645.387 Issuance
of license as broker-salesperson or salesperson to sole shareholder of
corporation on behalf of corporation or to manager of limited-liability company
on behalf of company; restrictions; duties; expiration.

NRS 645.475 Examination
for license as broker may be taken before meeting requirements for experience;
issuance of license as broker-salesperson upon passing examination; application
and experience required for issuance of license as broker.

NRS 645.580 Termination
of association or employment of broker-salesperson or salesperson; duties of
broker or owner-developer and broker-salesperson or salesperson; transfer of
license or new license.

NRS 645.590 Termination
of association by broker with limited-liability company, partnership or
corporation; new license.

NRS 645.600 Inactive
status for period of military service; reinstatement.

NRS 645.648 Suspension
of license for failure to pay child support or comply with certain subpoenas or
warrants; reinstatement of license. [Effective until 2 years after the date of
the repeal of 42 U.S.C. § 666, the federal law requiring each state to
establish procedures for withholding, suspending and restricting the
professional, occupational and recreational licenses for child support
arrearages and for noncompliance with certain processes relating to paternity
or child support proceedings.]

NRS 645.660 Knowledge
of associate or employer of violation by licensee or employee; penalties.

NRS 645.670 Effect
on limited-liability company, partnership or corporation of revocation or
suspension of license of manager, partner or officer; termination of suspension
or reinstatement of license.

NRS 645.675 Disciplinary
proceedings, fines and penalties not affected by expiration, revocation or
voluntary surrender of license, permit or registration.

NRS 645.8761 Broker
has claim upon owner’s net proceeds for earned commissions; conditions and
limitations on enforcement of claim; waiver; inapplicability to third-party
claims; obligation to close escrow unaffected by claim.

NRS 645.8765 Requirements
for broker to enforce claim: Written notice to owner and escrow agent; effect
of failure to provide notice; exceptions.

NRS 645.0005Definitions.As
used in this chapter, unless the context otherwise requires, the words and
terms defined in NRS 645.001 to 645.042, inclusive, have the meanings ascribed to them
in those sections.

NRS 645.001“Administrator” defined.As
used in this chapter, “Administrator” means the Real Estate Administrator.

(Added to NRS by 1963, 663)

NRS 645.002“Advance fee” defined.“Advance
fee” means a fee contracted for, claimed, demanded, charged, received or
collected for an advance fee listing, advertisement or offer to sell or lease
property, issued for the purpose of promoting the sale or lease of a business
or real estate or for referral to a business or real estate brokers or
salespersons, or both, before the last printing or other last issuance thereof,
other than by a newspaper of general circulation.

(a) The name or a list of the names of the
owners, landlords, exchangers or lessors, or the location of property or a
business, or of an interest therein, offered for rent, sale, lease or exchange.

(b) The name, or a list of the names, or the
location at which prospective or potential purchasers, buyers, lessees, tenants
or exchangers of property may be communicated with or found.

(c) A brokerage agreement by which a person who
is engaged in the business of promoting the sale or lease of businesses or real
estate agrees to render to an owner or lessee of the property any services, to
promote the sale or lease of the property, for an advance fee.

(d) A brokerage agreement by which a person
agrees to locate or promote the sale or lease of a business or real estate for
an advance fee.

2. The term does not include publications
intended for general circulation.

1. “Agency” means a relationship between a
principal and an agent arising out of a brokerage agreement whereby the agent
is engaged to do certain acts on behalf of the principal in dealings with a
third party.

2. The term does not include a
relationship arising solely from negotiations or communications with a client
of another broker with the written permission of the broker in accordance with
the provisions of subsection 2 of NRS 645.635.

NRS 645.005“Brokerage agreement” defined.“Brokerage
agreement” means an oral or written contract between a client and a broker in
which the broker agrees to accept valuable consideration from the client or
another person for assisting, soliciting or negotiating the sale, purchase,
option, rental or lease of real property, or the sale, exchange, option or
purchase of a business. The term does not include a property management
agreement.

NRS 645.0075“Business broker” defined.“Business
broker” means a person who, while acting for another and for compensation or
with the intention or expectation of receiving compensation:

1. Sells, exchanges, options, purchases,
rents or leases a business that is sold, exchanged, optioned, purchased, rented
or leased as part of an interest or estate in real property;

2. Negotiates or offers, attempts or
agrees to negotiate the sale, exchange, option, purchase, rental or lease of a
business that is or is intended to be sold, exchanged, optioned, purchased,
rented or leased as part of an interest or estate in real property; or

3. Lists or solicits prospective
purchasers of a business if a component of the listing or solicitation is an
interest or estate in real property.

NRS 645.013“Designated property manager” defined.“Designated
property manager” means a person who has the qualifications required by NRS 645.6055 to be a designated property manager and
who is appointed as the designated property manager for an office pursuant to NRS 645.6055.

NRS 645.018“Owner-developer” defined.As
used in this chapter, “owner-developer” means a person who owns five or more
lots within a recorded subdivision, shown on an approved parcel map, or the
parceling of which has been approved by the county, on each of which there is a
single-family residence not previously sold.

NRS 645.019“Property management” defined.“Property
management” means the physical, administrative or financial maintenance and
management of real property, or the supervision of such activities for a fee,
commission or other compensation or valuable consideration, pursuant to a
property management agreement.

NRS 645.0192“Property management agreement” defined.“Property management agreement” means a
written contract between a client and a broker in which the broker agrees to
accept valuable consideration from the client or another person for providing
property management for the client.

NRS 645.0195“Property manager” defined.“Property
manager” means a person engaged in property management who, as an employee or
independent contractor, is associated with a licensed real estate broker,
whether or not for compensation.

NRS 645.020“Real estate” defined.As
used in this chapter, “real estate” means every interest or estate in real
property including but not limited to freeholds, leaseholds and interests in
condominiums, town houses or planned unit developments, whether corporeal or
incorporeal, and whether the real property is situated in this State or
elsewhere.

[Part 2:150:1947; 1943 NCL § 6396.02]—(NRS A 1973,
1097; 1975, 1541)

NRS 645.030“Real estate broker” defined.

1. “Real estate broker” means a person
who, for another and for compensation or with the intention or expectation of
receiving compensation:

(a) Sells, exchanges, options, purchases, rents
or leases, or negotiates or offers, attempts or agrees to negotiate the sale,
exchange, option, purchase, rental or lease of, or lists or solicits
prospective purchasers, lessees or renters of, any real estate or the
improvements thereon or any modular homes, used manufactured homes, used mobile
homes or other housing offered or conveyed with any interest in real estate;

(b) Engages in or offers to engage in the
business of claiming, demanding, charging, receiving, collecting or contracting
for the collection of an advance fee in connection with any employment
undertaken to promote the sale or lease of business opportunities or real
estate by advance fee listing advertising or other offerings to sell, lease,
exchange or rent property;

(c) Engages in or offers to engage in the
business of property management; or

(d) Engages in or offers to engage in the
business of business brokerage.

2. Any person who, for another and for
compensation, aids, assists, solicits or negotiates the procurement, sale,
purchase, rental or lease of public lands is a real estate broker within the
meaning of this chapter.

3. The term does not include a person who
is employed by a licensed real estate broker to accept reservations on behalf
of a person engaged in the business of the rental of lodging for 31 days or
less, if the employee does not perform any tasks related to the sale or other
transfer of an interest in real estate.

1. Within the meaning of this chapter, a
“real estate broker-salesperson” is any person who holds a real estate broker’s
license, or who has passed the real estate broker’s examination, but who, as an
employee or as an independent contractor, for compensation or otherwise, is
associated with:

(a) A licensed real estate broker in the capacity
of a salesperson, to do or to deal in any act, acts or transactions included
within the definition of a real estate broker in NRS
645.030; or

(b) A registered owner-developer in the capacity
of a sales manager in accordance with NRS 645.283
and 645.289.

2. In this chapter, the term “real estate
salesperson” includes “real estate broker-salesperson” when applicable.

NRS 645.040“Real estate salesperson” defined.Within
the meaning of this chapter, a “real estate salesperson” is any person who, as
an employee or as an independent contractor, is associated with a licensed real
estate broker or registered owner-developer to do or to deal in any act, acts
or transactions set out or comprehended by the definition of a real estate
broker in NRS 645.030, for a compensation or
otherwise.

1. Sold, rented or leased, and which was
occupied before or after the sale, rental or lease; or

2. Registered with or been the subject of
a certificate of title issued by the appropriate agency of authority of this
State, any other state, the District of Columbia, any territory or possession
of the United States, or any foreign state, province or country.

1. A person licensed as a real estate
salesperson may use the term “real estate salesman,” “real estate saleswoman”
or “real estate salesperson” in the course of doing business.

2. A person licensed as a real estate
broker-salesperson may use the term “real estate broker-salesman,” “real estate
broker-saleswoman” or “real estate broker-salesperson” in the course of doing
business.

NRS 645.045Administration by Real Estate Division.The
provisions of this chapter shall be administered by the Real Estate Division,
subject to administrative supervision by the Director.

(Added to NRS by 1963, 663)

NRS 645.050Real Estate Commission: Creation; number and appointment of
members; powers and duties; service of process.

1. The Real Estate Commission is hereby
created. The Commission consists of five members appointed by the Governor.

2. The Commission shall act in an advisory
capacity to the Real Estate Division, adopt regulations and conduct hearings as
provided in this chapter. The Commission shall adopt regulations establishing
standards for the operation of licensees’ offices and for their business
conduct and ethics.

3. The Commission may by regulation
delegate any authority conferred upon it by this chapter to the Administrator
to be exercised pursuant to the regulations of the Commission.

4. Service of process and other
communications upon the Commission may be made at the principal office of the
Real Estate Division.

NRS 645.060Real Estate Commission: Limitation on consecutive service by
member.Members are eligible for
reappointment, but shall not serve for a period greater than 6 years
consecutively, after which time they are not eligible for appointment or
reappointment until 3 years have elapsed from any period of previous service.
If a successor is appointed to fill the balance of any unexpired term of a
member, the time served by the successor shall not apply in computing the 6
years’ consecutive service unless the balance of the unexpired term exceeds 18
months.

1. At least two members of the Commission
must be residents of the southern district of Nevada, and at least two members
of the Commission must be residents of the northern district of Nevada.

2. Not more than two members may be
appointed from any one county.

3. The southern district consists of all
that portion of the State lying within the boundaries of the counties of Clark,
Esmeralda, Lincoln and Nye.

4. The northern district consists of all
that portion of the State lying within the boundaries of Carson City and the
counties of Churchill, Douglas, Elko, Eureka, Humboldt, Lander, Lyon, Mineral,
Pershing, Storey, Washoe and White Pine.

NRS 645.140Deposit and use of money received by Division; compensation of
members and employees of Commission.

1. Except as otherwise provided in this
section, all fees, penalties and charges received by the Division pursuant to NRS 645.410, 645.660 and 645.830 must be deposited with the State Treasurer for
credit to the State General Fund. The fees received by the Division:

(a) From the sale of publications, must be
retained by the Division to pay the costs of printing and distributing
publications.

(b) For examinations, must be retained by the
Division to pay the costs of the administration of examinations.

Ę Any surplus
of the fees retained by the Division must be deposited with the State Treasurer
for credit to the State General Fund.

2. Money for the support of the Division
must be provided by direct legislative appropriation, and be paid out on claims
as other claims against the State are paid.

3. Each member of the Commission is
entitled to receive:

(a) A salary of not more than $150 per day, as
fixed by the Commission, while engaged in the business of the Commission; and

(b) A per diem allowance and travel expenses at a
rate fixed by the Commission, while engaged in the business of the Commission.
The rate must not exceed the rate provided for state officers and employees
generally.

4. While engaged in the business of the
Commission, each employee of the Commission is entitled to receive a per diem
allowance and travel expenses at a rate fixed by the Commission. The rate must
not exceed the rate provided for state officers and employees generally.

NRS 645.145Real Estate Commission: Fiscal year.The
Commission shall operate on the basis of a fiscal year commencing on July 1 and
terminating on June 30.

(Added to NRS by 1963, 161)

NRS 645.150Real Estate Commission: Meetings.

1. The Commission may hold at least two
regular meetings annually, one of which must be held in the southern part of
the State, and one of which must be held in the northern part of the State, at
such place or places as the Commission designates for that purpose.

2. Additional meetings of the Commission
may be held at the call of the President when there is sufficient business to
come before the Commission to warrant such action, at any place convenient to
the Commission, or upon written request of two members of the Commission.
Written notice of the time, place and purpose of all meetings must be given to
each member at least 3 working days before the meeting.

1. A majority of the Commission shall
constitute a quorum for the transaction of business, for the performance of any
duty, or for the exercise of any power or authority of the Commission.

2. A vacancy on the Commission shall not
impair the right of the remaining members to perform all of the duties and
exercise all of the power and authority of the Commission.

3. The act of the majority of the
Commission when in session as a Commission shall constitute the act of the
Commission.

[Part 6:150:1947; A 1949, 433; 1955, 131]

NRS 645.170Real Estate Division: Principal and branch offices.

1. The Director shall designate the
location of the principal office of the Real Estate Division. The Administrator
shall conduct business primarily in the principal office of the Real Estate
Division.

2. If the principal office of the Real
Estate Division is located in:

(a) The southern district of Nevada created
pursuant to subsection 3 of NRS 645.100, the Real
Estate Division shall establish at least one branch office in the northern
district of Nevada created pursuant to subsection 4 of NRS
645.100.

(b) The northern district of Nevada, the Real
Estate Division shall establish at least one branch office in the southern
district of Nevada.

3. The Real Estate Division may designate
other convenient places within the State for the establishment of branch offices.

NRS 645.180Real Estate Division: Seal; general provisions governing public
inspection and confidentiality of records; admissibility of certified copies of
records as evidence.

1. The Division shall adopt a seal by
which it shall authenticate its proceedings.

2. Except as otherwise provided in NRS 645.625, records kept in the office of the
Division under authority of this chapter are open to public inspection under
regulations adopted by the Division, except that the Division may refuse to
make public, unless ordered to do so by a court:

(b) The criminal and financial records of
licensees, applicants for licenses and owner-developers.

3. Copies of all records and papers in the
office of the Division, certified and authenticated by the seal of the
Division, must be received in evidence in all courts equally and with like
effect as the originals.

NRS 645.190Powers of Real Estate Division; regulations of Commission or
Administrator; publication of manual or guide.

1. The Division may do all things
necessary and convenient for carrying into effect the provisions of this
chapter.

2. The Commission or the Administrator,
with the approval of the Commission, may from time to time adopt reasonable
regulations for the administration of this chapter. When regulations are
proposed by the Administrator, in addition to other notices required by law,
the Administrator shall provide copies of the proposed regulations to the
Commission no later than 30 days before the next Commission meeting. The
Commission shall approve, amend or disapprove any proposed regulations at that
meeting.

3. All regulations adopted by the
Commission, or adopted by the Administrator with the approval of the
Commission, must be published by the Division and offered for sale at a
reasonable fee.

4. The Division may publish or supply a
reference manual or study guide for licensees or applicants for licenses, and
may offer it for sale at a reasonable fee.

1. The Administrator may adopt regulations
which establish procedures for the Division to conduct business electronically
pursuant to title 59 of NRS with persons who are regulated pursuant to this
chapter and with any other persons with whom the Division conducts business.
The regulations may include, without limitation, the establishment of fees to
pay the costs of conducting business electronically with the Division.

2. In addition to the process authorized
by NRS 719.280, if the Division is
conducting business electronically with a person and a law requires a signature
or record to be notarized, acknowledged, verified or made under oath, the
Division may allow the person to substitute a declaration that complies with
the provisions of NRS 53.045 or 53.250 to 53.390, inclusive, to satisfy the legal
requirement.

3. The Division may refuse to conduct
business electronically with a person who has failed to pay money which the
person owes to the Division or the Commission.

1. The Division shall prepare a booklet
that provides relevant information concerning the disclosures that are required
by federal, state and local laws and regulations by a buyer and a seller in a
transaction involving the sale of residential property.

2. The Division shall make copies of the
booklet prepared pursuant to subsection 1 available to licensees which the
licensee must distribute to prospective buyers and sellers in the sale of
residential property in accordance with the regulations adopted by the
Commission.

3. The Commission shall approve the format
and content of the information that must be included in the booklet.

4. As used in this section, “residential
property” has the meaning ascribed to it in NRS
113.100.

NRS 645.195Inspection of records of broker and owner-developer by Real
Estate Division; regulations.

1. The Division shall regularly inspect
the transaction files, trust records and pertinent real estate business
accounts of all real estate brokers and owner-developers to ensure compliance
with the provisions of this chapter.

2. The Commission shall adopt regulations
pertaining to those inspections.

1. The Attorney General shall render to
the Division opinions upon all questions of law relating to the construction or
interpretation of this chapter, or arising in the administration thereof, that
may be submitted to the Attorney General by the Division or the Commission.

2. The Attorney General shall act as the
attorney for the Division in all actions and proceedings brought against or by
the Division pursuant to any of the provisions of this chapter.

1. Whenever the Real Estate Division
believes from evidence satisfactory to it that any person has violated or is
about to violate any of the provisions of this chapter, or any order, license,
permit, decision, demand or requirement, or any part or provision thereof, it
may bring an action, in the name of the Real Estate Division, in the district
court of the State of Nevada in and for the county wherein such person resides,
or, if such person resides outside the State of Nevada, in any court of
competent jurisdiction within or outside the State of Nevada, against such
person to enjoin such person from continuing such violation or engaging therein
or doing any act or acts in furtherance thereof.

2. If this action is in a district court
of the State of Nevada, an order or judgment may be entered awarding such
preliminary or final injunction as may be proper, but no preliminary injunction
or temporary restraining order shall be granted without at least 5 days’ notice
to the opposite party.

[31:150:1947; 1943 NCL § 6396.31]—(NRS A 1963, 665;
1973, 1099)

NRS 645.215Investigation by Real Estate Division of certain transactions
relating to unimproved land or subdivision; injunction for fraud, deceit or
false advertising.

1. If the Real Estate Division has reason
to believe that fraud, deceit or false advertising is being, has been or is to
be perpetrated in connection with the proposed or completed sale, purchase,
rental, lease or exchange of any vacant or unimproved land or subdivision
outside the corporate limits of any city, it may investigate the circumstances
of such sale, purchase, rental, lease or exchange.

2. If such investigation reveals any
evidence of fraud, deceit or false advertising which has influenced or induced
or may influence or induce the sale, purchase, rental, lease or exchange, the
Real Estate Division shall advise the Attorney General or the district attorney
of the county in which the land or subdivision is located. The district
attorney or, upon the request of the Administrator, the Attorney General shall
cause appropriate legal action to be taken to enjoin any further sale,
purchase, rental, lease or exchange until the fraud, deceit or false
advertising is eliminated and restitution has been made for any loss.

3. Nothing in this section shall prevent
prosecution of any person in a criminal action under the provisions of any
other law.

(Added to NRS by 1961, 75; A 1963, 666; 1973, 1099)

REGULATION OF PRACTICES

NRS 645.230Unlawful to engage in certain conduct without license or permit
or without complying with certain provisions of chapter; power of Real Estate
Division to file complaint with court and assist in prosecution of violation;
prosecution by district attorney or Attorney General.

1. It is unlawful for any person,
limited-liability company, partnership, association or corporation to engage in
the business of, act in the capacity of, advertise or assume to act as, a:

(a) Real estate broker, real estate broker-salesperson
or real estate salesperson within the State of Nevada without first obtaining
the appropriate license from the Real Estate Division as provided for in this
chapter;

(b) Property manager within the State of Nevada
without first obtaining from the Real Estate Division as provided for in this
chapter a license as a real estate broker, real estate broker-salesperson or
real estate salesperson and a permit to engage in property management;

(c) Designated property manager within the State
of Nevada without complying with the provisions of NRS
645.6055;

(d) Business broker within the State of Nevada
without first obtaining from the Real Estate Division as provided for in this
chapter a license as a real estate broker, real estate broker-salesperson or
real estate salesperson and a permit to engage in business as a business broker
issued pursuant to the provisions of NRS 645.863;
or

(e) Designated business broker within the State
of Nevada without complying with the provisions of NRS
645.867.

2. The Real Estate Division may prefer a
complaint for a violation of this section before any court of competent
jurisdiction and may assist in presenting the law or facts upon any trial for a
violation of this section.

3. The district attorney of each county
shall prosecute all violations of this section in their respective counties in
which violations occur, unless prosecuted by the Attorney General. Upon the
request of the Administrator, the Attorney General shall prosecute any
violation of this section in lieu of the district attorney.

1. In addition to any other remedy or
penalty, the Commission may impose an administrative fine against any person
who knowingly:

(a) Engages or offers to engage in any activity
for which a license, permit, certificate or registration or any type of
authorization is required pursuant to this chapter, or any regulation adopted
pursuant thereto, if the person does not hold the required license, permit,
certificate or registration or has not been given the required authorization;
or

(b) Assists or offers to assist another person to
commit a violation described in paragraph (a).

2. If the Commission imposes an
administrative fine against a person pursuant to this section, the amount of
the administrative fine may not exceed the amount of any gain or economic
benefit that the person derived from the violation or $5,000, whichever amount
is greater.

3. In determining the appropriate amount
of the administrative fine, the Commission shall consider:

(a) The severity of the violation and the degree
of any harm that the violation caused to other persons;

(b) The nature and amount of any gain or economic
benefit that the person derived from the violation;

(c) The person’s history or record of other
violations; and

(d) Any other facts or circumstances that the
Commission deems to be relevant.

4. Before the Commission may impose the
administrative fine, the Commission must provide the person with notice and an
opportunity to be heard.

5. The person is entitled to judicial
review of the decision of the Commission in the manner provided by chapter 233B of NRS.

6. The provisions of this section do not
apply to a person who engages or offers to engage in activities within the purview
of this chapter if:

(a) A specific statute exempts the person from
complying with the provisions of this chapter with regard to those activities;
and

(b) The person is acting in accordance with the
exemption while engaging or offering to engage in those activities.

1. The provisions of this chapter do not
apply to, and the terms “real estate broker” and “real estate salesperson” do
not include, any:

(a) Owner or lessor of property, or any regular
employee of such a person, who performs any of the acts mentioned in NRS 645.030, 645.040, 645.230 and 645.260, with
respect to the property in the regular course of or as an incident to the
management of or investment in the property. For the purposes of this
subsection, “management” means activities which tend to preserve or increase
the income from the property by preserving the physical desirability of the
property or maintaining high standards of service to tenants. The term does not
include sales activities.

(b) Employee of a real estate broker while
engaged in the collection of rent for or on behalf of the broker.

(c) Person while performing the duties of a
property manager for a property, if the person maintains an office on the
property and does not engage in property management with regard to any other
property.

(d) Person while performing the duties of a
property manager for a common-interest community governed by the provisions of chapter 116 of NRS, an association of a
condominium hotel governed by the provisions of chapter
116B of NRS, a condominium project governed by the provisions of chapter 117 of NRS, a time share governed by the
provisions of chapter 119A of NRS, or a
planned unit development governed by the provisions of chapter 278A of NRS, if the person is a member
in good standing of, and, if applicable, holds a current certificate,
registration or other similar form of recognition from, a nationally recognized
organization or association for persons managing such properties that has been
approved by the Real Estate Division by regulation.

(e) Person while performing the duties of a
property manager for property used for residential housing that is subsidized
either directly or indirectly by this State, an agency or political subdivision
of this State, or the Federal Government or an agency of the Federal
Government.

2. The provisions of this chapter do not
apply to:

(a) Any bank, thrift company, credit union, trust
company, savings and loan association or any mortgage or farm loan association
licensed under the laws of this State or of the United States, with reference
to property it has acquired for development, for the convenient transaction of
its business, or as a result of foreclosure of property encumbered in good
faith as security for a loan or other obligation it has originated or holds.

(b) A corporation which, through its regular
officers who receive no special compensation for it, performs any of those acts
with reference to the property of the corporation.

(c) The services rendered by an attorney at law
in the performance of his or her duties as an attorney at law.

(d) A receiver, trustee in bankruptcy,
administrator or executor, or any other person doing any of the acts specified
in NRS 645.030 under the jurisdiction of any court.

(e) A trustee acting under a trust agreement,
deed of trust or will, or the regular salaried employees thereof.

(f) The purchase, sale or locating of mining
claims or options thereon or interests therein.

NRS 645.250Power of cities and towns to license and regulate brokers and
salespersons not affected.Nothing
contained in this chapter shall affect the power of cities and towns to tax,
license and regulate real estate brokers or real estate salespersons. The
requirements of this chapter shall be in addition to the requirements of any
existing or future ordinance of any city or town so taxing, licensing or
regulating real estate brokers or real estate salespersons.

[32:150:1947; 1943 NCL § 6396.32]

NRS 645.251Licensee not required to comply with certain principles of
common law.A licensee is not
required to comply with any principles of common law that may otherwise apply
to any of the duties of the licensee as set forth in NRS
645.252, 645.253 and 645.254
and the regulations adopted to carry out those sections.

2. A person licensed pursuant to this
chapter may prepare a broker’s price opinion for:

(a) An existing or potential seller for the
purposes of listing and selling a parcel of real property;

(b) An existing or potential buyer of a parcel of
real property;

(c) A third party making decisions or performing
due diligence related to the potential listing, offering, sale, exchange,
option, lease or acquisition price of a parcel of real property; or

(d) An existing or potential lienholder, except
that a broker’s price opinion prepared for an existing or potential lienholder
may not be used in lieu of an appraisal for the purpose of determining whether
to approve a mortgage loan.

3. A broker’s price opinion must include,
without limitation:

(a) A statement of the intended purpose of the
broker’s price opinion;

(b) A brief description of the real property and
the interest in the real property for which the broker’s price opinion is being
prepared;

(c) The basis used to determine the broker’s
price opinion, including, without limitation, any applicable market data and
the computation of capitalization;

(d) Any assumptions or limiting conditions used
to determine the broker’s price opinion;

(e) The date of issuance of the broker’s price
opinion;

(f) A disclosure of any existing or contemplated
interest of every licensee who prepares or provides the broker’s price opinion,
including, without limitation, the possibility of a licensee representing the
seller or purchaser;

(g) The license number, name and signature of
every licensee who prepares or provides the broker’s price opinion;

(h) If a licensee who prepares or provides the
broker’s price opinion is a real estate salesperson or a real estate
broker-salesperson, the name of the real estate broker with whom the licensee
is associated; and

(i) In at least 14-point bold type, the following
disclaimer:

Notwithstanding any preprinted
language to the contrary, this opinion is not an appraisal of the market value
of the property. If an appraisal is desired, the services of a licensed or
certified appraiser must be obtained.

4. If a broker’s price opinion is
submitted electronically or on a form supplied by the requesting party:

(a) A signature required by paragraph (g) of
subsection 3 may be an electronic signature, as defined by NRS 719.100.

(b) A signature required by paragraph (g) of
subsection 3 and the disclaimer required by paragraph (i) of subsection 3 may
be transmitted in a separate attachment if the electronic format or form
supplied by the requesting party does not allow additional comments to be
written by the licensee. The electronic format or the form supplied by the
requesting party must:

(1) Reference the existence of a separate
attachment; and

(2) Include a statement that the broker’s
price opinion is not complete without the attachment.

5. A broker’s price opinion that is
submitted electronically is subject to any regulations relating to
recordkeeping as adopted pursuant to this chapter.

6. A broker is responsible for all
activities of a licensee who is associated with the broker and with the
preparation of a broker’s price opinion.

7. The Commission may adopt regulations
prescribing the manner in which a broker’s price opinion must be prepared in
accordance with the provisions of this section.

8. As used in this section, “broker’s
price opinion” means a written analysis, opinion or conclusion that a person
licensed pursuant to this chapter prepares for a person described in subsection
2 relating to the estimated price for a specified parcel of real property.

NRS 645.252Duties of licensee acting as agent in real estate transaction.A licensee who acts as an agent in a real
estate transaction:

1. Shall disclose to each party to the
real estate transaction as soon as is practicable:

(a) Any material and relevant facts, data or
information which the licensee knows, or which by the exercise of reasonable
care and diligence should have known, relating to the property which is the
subject of the transaction.

(b) Each source from which the licensee will
receive compensation as a result of the transaction.

(c) That the licensee is a principal to the
transaction or has an interest in a principal to the transaction.

(d) Except as otherwise provided in NRS 645.253, that the licensee is acting for more than
one party to the transaction. If a licensee makes such a disclosure, he or she
must obtain the written consent of each party to the transaction for whom the
licensee is acting before he or she may continue to act in his or her capacity
as an agent. The written consent must include:

(1) A description of the real estate
transaction.

(2) A statement that the licensee is
acting for two or more parties to the transaction who have adverse interests
and that in acting for these parties, the licensee has a conflict of interest.

(3) A statement that the licensee will not
disclose any confidential information for 1 year after the revocation or
termination of any brokerage agreement entered into with a party to the
transaction, unless he or she is required to do so by a court of competent jurisdiction
or is given written permission to do so by that party.

(4) A statement that a party is not
required to consent to the licensee acting on behalf of the party.

(5) A statement that the party is giving
consent without coercion and understands the terms of the consent given.

(e) Any changes in the licensee’s relationship to
a party to the transaction.

2. Shall exercise reasonable skill and
care with respect to all parties to the real estate transaction.

3. Shall provide the appropriate form
prepared by the Division pursuant to NRS 645.193
to:

(a) Each party for whom the licensee is acting as
an agent in the real estate transaction; and

(b) Each unrepresented party to the real estate
transaction, if any.

4. Unless otherwise agreed upon in writing,
owes no duty to:

(a) Independently verify the accuracy of a
statement made by an inspector certified pursuant to chapter 645D of NRS or another appropriate
licensed or certified expert.

(b) Conduct an independent inspection of the
financial condition of a party to the real estate transaction.

(c) Conduct an investigation of the condition of
the property which is the subject of the real estate transaction.

NRS 645.253Licensees affiliated with same brokerage: Additional duties when
assigned to separate parties to real estate transaction.If a real estate broker assigns different
licensees affiliated with his or her brokerage to separate parties to a real
estate transaction, the licensees are not required to obtain the written
consent required pursuant to paragraph (d) of subsection 1 of NRS 645.252. Each licensee shall not disclose, except
to the real estate broker, confidential information relating to a client in
violation of NRS 645.254.

NRS 645.254Additional duties of licensee entering into brokerage agreement
to represent client in real estate transaction.A
licensee who has entered into a brokerage agreement to represent a client in a
real estate transaction:

1. Shall exercise reasonable skill and
care to carry out the terms of the brokerage agreement and to carry out his or
her duties pursuant to the terms of the brokerage agreement;

2. Shall not disclose confidential
information relating to a client for 1 year after the revocation or termination
of the brokerage agreement, unless he or she is required to do so pursuant to
an order of a court of competent jurisdiction or is given written permission to
do so by the client;

3. Shall seek a sale, purchase, option,
rental or lease of real property at the price and terms stated in the brokerage
agreement or at a price acceptable to the client;

4. Shall present all offers made to or by
the client as soon as is practicable, unless the client chooses to waive the
duty of the licensee to present all offers and signs a waiver of the duty on a
form prescribed by the Division;

5. Shall disclose to the client material
facts of which the licensee has knowledge concerning the transaction;

6. Shall advise the client to obtain
advice from an expert relating to matters which are beyond the expertise of the
licensee; and

7. Shall account for all money and
property the licensee receives in which the client may have an interest as soon
as is practicable.

1. A broker who enters into an agreement
to provide asset management services to a client shall:

(a) Disclose annually to the Division any such
agreements to provide asset management services to a client; and

(b) Provide proof satisfactory to the Division on
an annual basis that the broker has complied with the requirements of NRS 645H.490.

2. In addition to any other remedy or
penalty, the Division may take administrative action, including, without
limitation, the suspension of a license or permit or the imposition of an
administrative fine, against a broker who fails to comply with this section.

3. As used in this section:

(a) “Asset management” has the meaning ascribed
to it in NRS 645H.030.

NRS 645.257Action to recover damages suffered as result of licensee’s
failure to perform certain duties; standard of care.

1. A person who has suffered damages as
the proximate result of a licensee’s failure to perform any duties required by NRS 645.252, 645.253 or 645.254 or the regulations adopted to carry out those
sections may bring an action against the licensee for the recovery of the
person’s actual damages.

2. In such an action, any knowledge of the
client of the licensee of material facts, data or information relating to the
real property which is the subject of the real estate transaction may not be
imputed to the licensee.

3. In an action brought by a person
against a licensee pursuant to subsection 1, the standard of care owed by a
licensee is the degree of care that a reasonably prudent real estate licensee
would exercise and is measured by the degree of knowledge required to be
obtained by a real estate licensee pursuant to NRS
645.343 and 645.345.

NRS 645.258Duties concerning transaction involving used manufactured home
or used mobile home.

1. In any transaction involving a used
manufactured home or used mobile home that has not been converted to real
property pursuant to NRS 361.244, a
licensee shall provide to the purchaser, on a form prepared by the Real Estate
Division, the following disclosures:

(a) The year, serial number and manufacturer of
the used manufactured home or used mobile home;

(b) A statement that the used manufactured home
or used mobile home is personal property subject to personal property taxes;

NRS 645.259Liability of licensee for misrepresentation made by client;
failure of seller to make required disclosures is public record.A licensee may not be held liable for:

1. A misrepresentation made by his or her
client unless the licensee:

(a) Knew the client made the misrepresentation;
and

(b) Failed to inform the person to whom the
client made the misrepresentation that the statement was false.

2. Except as otherwise provided in this
subsection, the failure of the seller to make the disclosures required by NRS 113.130 and 113.135 if the information that would have
been disclosed pursuant to NRS 113.130
and 113.135 is a public record which is
readily available to the client. Notwithstanding the provisions of this
subsection, a licensee is not relieved of the duties imposed by paragraph (a)
of subsection 1 of NRS 645.252.

NRS 645.260One act constitutes action in capacity of broker or salesperson.Any person, limited-liability company,
partnership, association or corporation who, for another, in consideration of
compensation by fee, commission, salary or otherwise, or with the intention or
expectation of receiving compensation, does, offers or attempts or agrees to
do, engages in, or offers or attempts or agrees to engage in, either directly
or indirectly, any single act or transaction contained in the definition of a
real estate broker in NRS 645.030, whether the act
is an incidental part of a transaction, or the entire transaction, is acting in
the capacity of a real estate broker or real estate salesperson within the
meaning of this chapter.

NRS 645.270Allegation and proof of licensed status in action for
compensation.A person,
limited-liability company, partnership, association or corporation engaged in
the business or acting in the capacity of a real estate broker or a real estate
salesperson within this State may not commence or maintain any action in the
courts of this State for the collection of compensation for the performance of
any of the acts mentioned in NRS 645.030 without
alleging and proving that the person, limited-liability company, partnership,
association or corporation was a licensed real estate broker or real estate
salesperson at the time the alleged cause of action arose.

NRS 645.280Association with or compensation of unlicensed broker,
broker-salesperson or salesperson unlawful; payment of commission other than
through broker or owner-developer unlawful.

1. It is unlawful for any licensed real
estate broker, or broker-salesperson or salesperson to offer, promise, allow,
give or pay, directly or indirectly, any part or share of his or her
commission, compensation or finder’s fee arising or accruing from any real
estate transaction to any person who is not a licensed real estate broker,
broker-salesperson or salesperson, in consideration of services performed or to
be performed by the unlicensed person. A licensed real estate broker may pay a
commission to a licensed broker of another state.

2. A real estate broker-salesperson or
salesperson shall not be associated with or accept compensation from any person
other than the broker or owner-developer under whom he or she is licensed at
the time of the real estate transaction.

3. It is unlawful for any licensed real
estate broker-salesperson or salesperson to pay a commission to any person
except through the broker or owner-developer under whom he or she is licensed
at the time of the real estate transaction.

1. Except as otherwise provided in
subsection 2, an owner-developer who is registered with the Real Estate
Division may employ one or more licensed real estate salespersons to sell any
single-family residence, owned by the owner-developer and not previously sold,
which is within the area covered by his or her current registration.

2. An owner-developer may not employ a
licensed real estate salesperson pursuant to subsection 1 unless a licensed
real estate broker-salesperson who is qualified pursuant to NRS 645.289 is associated with the owner-developer as
a sales manager to oversee the activities of the real estate salesperson.

3. The area covered by an
owner-developer’s registration may be enlarged from time to time upon
application and payment of the required fee.

NRS 645.285Owner-developers: Form and contents of application for
registration.

1. Application for original registration
as an owner-developer shall be made on a form provided by the Division, and
shall set forth:

(a) The limits of the area within which the
applicant owns the residences proposed to be sold;

(b) The location of the applicant’s principal
place of business; and

(c) Any further information required by
regulations of the Commission.

2. An application to enlarge the area
covered by a registration shall set forth the limits of the area to be added.

(Added to NRS by 1975, 1639)

NRS 645.287Owner-developers: Regulations concerning qualifications;
principal place of business and records.

1. Regulations adopted by the Real Estate
Commission shall not establish any educational qualification or require any
examination of an owner-developer, but shall provide appropriate standards of
good moral character and financial stability.

2. Each owner-developer shall maintain a
principal place of business and keep there the records concerning salespersons
employed by the owner-developer.

(Added to NRS by 1975, 1639)

NRS 645.289Owner-developers: Qualifications and duties of person who acts
as sales manager.

1. To qualify as a sales manager for the
purposes of NRS 645.283, a licensed real estate
broker-salesperson must have at least 2 years of experience during the
immediately preceding 4 years as a real estate broker-salesperson or
salesperson licensed in this State or any other state or territory of the
United States, or the District of Columbia.

2. A real estate broker-salesperson shall:

(a) Before becoming associated with an
owner-developer as a sales manager, notify the Division on a form prescribed by
the Division that he or she will be acting in that capacity; and

(b) Upon the termination of his or her
association with an owner-developer as a sales manager, notify the Division of
that fact.

NRS 645.300Delivery of copy of written brokerage agreement; receipt.When a licensee prepares or has prepared a
written brokerage agreement authorizing or employing the licensee to purchase
or sell real estate for compensation or commission, the licensee shall deliver
a copy of the written brokerage agreement to the client signing it at the time
the signature is obtained, if possible, or otherwise within a reasonable time
thereafter. Receipt for the copy may be made on the face of the written
brokerage agreement.

1. All deposits accepted by every real
estate broker or person registered as an owner-developer pursuant to this
chapter, which are retained by him or her pending consummation or termination
of the transaction involved, must be accounted for in the full amount at the
time of the consummation or termination.

2. Every real estate salesperson or
broker-salesperson who receives any money on behalf of a broker or
owner-developer shall pay over the money promptly to the real estate broker or
owner-developer.

3. A real estate broker shall not
commingle the money or other property of a client with his or her own.

4. If a real estate broker receives money,
as a broker, which belongs to others, the real estate broker shall promptly
deposit the money in a separate checking account located in a bank or credit
union in this State which must be designated a trust account. All down
payments, earnest money deposits, rents, or other money which the real estate
broker receives, on behalf of a client or any other person, must be deposited
in the account unless all persons who have any interest in the money have
agreed otherwise in writing. A real estate broker may pay to any seller or the
seller’s authorized agent the whole or any portion of such special deposit. The
real estate broker is personally responsible and liable for such deposit at all
times. A real estate broker shall not permit any advance payment of money
belonging to others to be deposited in the real estate broker’s business or
personal account or to be commingled with any money he or she may have on
deposit.

5. Every real estate broker required to
maintain a separate trust account shall keep records of all money deposited
therein. The records must clearly indicate the date and from whom the real
estate broker received money, the date deposited, the dates of withdrawals, and
other pertinent information concerning the transaction, and must show clearly
for whose account the money is deposited and to whom the money belongs. The
real estate broker shall balance each separate trust account at least monthly.
The real estate broker shall provide to the Division, on a form provided by the
Division, an annual accounting which shows an annual reconciliation of each
separate trust account. All such records and money are subject to inspection
and audit by the Division and its authorized representatives. All such separate
trust accounts must designate the real estate broker as trustee and provide for
withdrawal of money without previous notice.

6. Each real estate broker shall notify
the Division of the names of the banks and credit unions in which the real
estate broker maintains trust accounts and specify the names of the accounts on
forms provided by the Division.

7. If a real estate broker who has money
in a trust account dies or becomes mentally disabled, the Division, upon
application to the district court, may have a trustee appointed to administer
and distribute the money in the account with the approval of the court. The
trustee may serve without posting a bond.

1. The Division may investigate and audit
all financial accounts related to the business of a real estate broker, regardless
of whether it is a trust account, if the Division has reasonable cause to
believe that the broker is using or has used the account to operate or carry on
the broker’s business and the Division:

(a) Has reasonable cause to believe or has
received a credible complaint that the real estate broker is insolvent or is in
any financial condition or has engaged in any financial practice which creates
a substantial risk of insolvency; or

(b) Determines that the investigation and audit
are reasonably necessary to assist the Division in administering or enforcing
any other provision of this chapter or any other statute that the Division is
charged with administering or enforcing.

2. The Commission shall adopt regulations
prescribing the scope of an audit conducted pursuant to this section.

(a) Any real estate broker or other licensee who
knowingly fails to cooperate or comply with or knowingly impedes or interferes
with any investigation or audit conducted by the Division pursuant to this
section; or

(b) Any real estate broker who is insolvent or
who is in any financial condition or has engaged in any financial practice which
creates a substantial risk of insolvency.

4. As used in this section, “insolvent” or
“insolvency” means a condition in which a real estate broker is unable to meet
the liabilities of the broker’s business as those liabilities become due in the
regular course of the broker’s business and which creates a substantial risk of
harm to the public or a consumer.

NRS 645.314Administrator may charge broker for costs and fees of audit
under certain circumstances; additional grounds for disciplinary action.

1. The Administrator may charge and
collect from a real estate broker an amount equal to the amount of the actual
costs and fees incurred by the Division to conduct an audit of the financial
accounts of the real estate broker pursuant to this chapter or any regulations
adopted pursuant thereto if:

(a) The Division makes a request during the
course of the audit for the real estate broker to produce, provide access to or
grant authorization to the Division to inspect or obtain any documentation
related to the business of a real estate broker which the broker is required to
maintain pursuant to NRS 645.310 and any
regulations adopted pursuant to this chapter;

(b) The real estate broker fails to comply with
the request within a reasonable time established by the Division; and

(c) The Division has reasonable cause to believe
that the requested documentation will assist it in investigating whether the
real estate broker has committed any act or offense that would be grounds for
taking disciplinary action against the real estate broker.

2. If the Administrator charges a real
estate broker for the costs and fees of an audit pursuant to subsection 1, the
Administrator shall bill the real estate broker upon the completion of the
audit. The costs and fees must be paid within 90 days after the date the real
estate broker receives the bill. Except as otherwise provided in this
subsection, any payment received after the due date must include a penalty in
the amount of 10 percent of the amount specified in the bill plus an additional
penalty in the amount of 1 percent of the amount for each month, or portion of
a month, that the bill is not paid. The Administrator may waive the penalty for
good cause.

3. The failure of a real estate broker to
pay any costs and fees as required by this section constitutes grounds for
disciplinary action against the real estate broker.

4. Money received by the Division pursuant
to this section must be:

(a) Deposited with the State Treasurer for credit
to the appropriate account of the Division.

(b) Used by the Division only to offset the fees
and costs incurred by the Division in carrying out the provisions of NRS 645.313.

1. In any advertisement through which a
licensee offers to perform services for which a license is required pursuant to
this chapter, the licensee shall:

(a) If the licensee is a real estate broker,
disclose the name of any brokerage under which the licensee does business; or

(b) If the licensee is a real estate
broker-salesperson or real estate salesperson, disclose the name of the
brokerage with whom the licensee is associated.

2. If a licensee is a real estate
broker-salesperson or real estate salesperson, the licensee shall not advertise
solely under the licensee’s own name when acting in the capacity as a
broker-salesperson or salesperson. All such advertising must be done under the
direct supervision of and in the name of the brokerage with whom the licensee
is associated.

NRS 645.320Requirements for exclusive agency representation.Every brokerage agreement which includes a
provision for an exclusive agency representation must:

1. Be in writing.

2. Have set forth in its terms a definite,
specified and complete termination.

3. Contain no provision which requires the
client who signs the brokerage agreement to notify the real estate broker of
the client’s intention to cancel the exclusive features of the brokerage
agreement after the termination of the brokerage agreement.

4. Be signed by both the client or his or
her authorized representative and the broker or his or her authorized
representative in order to be enforceable.

NRS 645.3205Dealing with party to real estate transaction in manner which is
deceitful, fraudulent or dishonest prohibited.A
licensee shall not deal with any party to a real estate transaction in a manner
which is deceitful, fraudulent or dishonest.

(1) By denying the person access to or
membership or participation in any multiple-listing service, real estate
brokers’ organization or other service or facility relating to the sale or
rental of dwellings; or

(2) In the terms or conditions of such
access, membership or participation.

(b) Discriminate against any person:

(1) By denying the person access to any
opportunity to engage in a transaction regarding residential real estate; or

(2) In the terms or conditions of such a
transaction.

2. Any person violating the provisions of
subsection 1 shall be punished by a fine of $500 for the first offense and for
the second offense shall show cause why his or her license should not be
revoked by the Commission.

3. As used in this section:

(a) “Disability” means, with respect to a person:

(1) A physical or mental impairment that
substantially limits one or more of the major life activities of the person;

(2) A record of such an impairment; or

(3) Being regarded as having such an
impairment.

(b) “Familial status” means the fact that a
person:

(1) Lives with a child under the age of 18
and has:

(I) Lawful custody of the child; or

(II) Written permission to live with
the child from the person who has lawful custody of the child;

(2) Is pregnant; or

(3) Has begun a proceeding to adopt or
otherwise obtain lawful custody of a child.

(c) “Gender identity or expression” means a
gender-related identity, appearance, expression or behavior of a person,
regardless of the person’s assigned sex at birth.

(d) “Sexual orientation” means having or being
perceived as having an orientation for heterosexuality, homosexuality or
bisexuality.

NRS 645.322Accounting of use of advance fee charged or collected; Division
may demand accounting.Any person
or entity who charges or collects an advance fee shall, within 3 months after
the charge or collection, furnish to his or her client an accounting of the use
of that money. The Real Estate Division may also demand an accounting by such
person or entity of advance fees so collected.

NRS 645.323License required for acceptance of advance fee listing.A person shall not accept an advance fee
listing unless he or she is licensed as a real estate broker,
broker-salesperson or salesperson pursuant to this chapter.

NRS 645.324Forms of brokerage agreements; reports and forms of accounting;
regulations; maintenance of agreements for review and audit; grounds for
disciplinary action.

1. The Commission may require such forms
of brokerage agreements which include provisions for the payment of advance
fees to be used, and such reports and forms of accounting to be kept, made and
submitted, and may adopt such rules and regulations as the Commission may
determine to be necessary to carry out the purposes and intent of NRS 645.322.

2. A licensee shall maintain, for review
and audit by the Division, each brokerage agreement that is entered into by the
licensee.

3. Any violation of the rules,
regulations, orders or requirements of the Commission constitutes grounds for
disciplinary action against a licensee.

NRS 645.330General qualifications of applicant; grounds for denial of
application; eligibility for licensing as broker.

1. Except as otherwise provided by a
specific statute, the Division may approve an application for a license for a
person who meets all the following requirements:

(a) Has a good reputation for honesty,
trustworthiness and integrity and who offers proof of those qualifications
satisfactory to the Division.

(b) Has not made a false statement of material
fact on his or her application.

(c) Is competent to transact the business of a
real estate broker, broker-salesperson or salesperson in a manner which will
safeguard the interests of the public.

(d) Has passed the examination.

(e) Has submitted all information required to
complete the application.

2. The Division:

(a) May deny a license to any person who has been
convicted of, or entered a plea of guilty, guilty but mentally ill or nolo
contendere to, forgery, embezzlement, obtaining money under false pretenses,
larceny, extortion, conspiracy to defraud, engaging in a real estate business
without a license, possessing for the purpose of sale any controlled substance
or any crime involving moral turpitude, in any court of competent jurisdiction
in the United States or elsewhere; and

(b) Shall not issue a license to such a person
until at least 3 years after:

(1) The person pays any fine or
restitution ordered by the court; or

(2) The expiration of the period of the
person’s parole, probation or sentence,

Ę whichever is
later.

3. Suspension or revocation of a license
pursuant to this chapter or any prior revocation or current suspension in this
or any other state, district or territory of the United States or any foreign
country before the date of the application is grounds for refusal to grant a
license.

4. Except as otherwise provided in NRS 645.332, a person may not be licensed as a real
estate broker unless the person has been actively engaged as a full-time
licensed real estate broker-salesperson or salesperson in this State, or
actively engaged as a full-time licensed real estate broker, broker-salesperson
or salesperson in another state or the District of Columbia, for at least 2 of
the 4 years immediately preceding the issuance of a broker’s license.

NRS 645.332Applicants licensed in another jurisdiction: Exemption from
certain examination requirements; issuance of license as broker or
broker-salesperson by reciprocity.

1. An applicant for a license as a real
estate salesperson is not required to pass the uniform portion of a national
real estate examination otherwise required by NRS
645.330 and 645.460 if:

(a) The applicant holds a license in good
standing as a real estate broker, broker-salesperson or salesperson issued by
another state or territory of the United States, or the District of Columbia;

(b) The requirements for licensure as a real
estate salesperson issued in that state or territory of the United States, or
the District of Columbia, are substantially equivalent to the requirements in
this State for licensure as a real estate salesperson; and

(c) The applicant has passed the examination in
that state or territory of the United States, or the District of Columbia.

2. The Division may issue a license as a
real estate broker or broker-salesperson to a person who holds a license as a
real estate broker or broker-salesperson, or an equivalent license, issued by a
state or territory of the United States, or the District of Columbia, if that
state or territory, or the District of Columbia, has entered into a reciprocal
agreement with the Commission for the issuance of licenses pursuant to this
chapter and the person submits proof to the Division that:

(a) The person has been issued a license as a
real estate broker or broker-salesperson, or an equivalent license, by that
state or territory of the United States, or the District of Columbia; and

(b) At the time the person files an application
with the Division, the license is in good standing.

3. The Division may refuse to issue a
license as a real estate broker or broker-salesperson pursuant to subsection 2
to a person who has committed any act or offense that would be grounds for
denying a license to an applicant or taking disciplinary action against a
licensee pursuant to this chapter.

4. The Commission shall not enter into a
reciprocal agreement pursuant to subsection 2 unless the provisions relating to
the practice of real estate, including the requirements for the licensing of
real estate brokers and real estate broker-salespersons in the other state or
territory of the United States, or the District of Columbia, are substantially
similar to the provisions relating to the practice of real estate in this
State.

(c) Provides to its customers other depository
accounts which are subject to withdrawal by checks, drafts or other instruments
or by electronic means to effect payment to a third party.

2. The purposes of this section are to
help maintain the separation between depository financial institutions and the
business of real estate and to minimize the possibility of unfair competitive
activities by depository financial institutions against real estate brokers and
salespersons.

3. No depository financial institution or
its holding company, parent, subsidiary or affiliate may directly or indirectly
be licensed to sell real estate in this State.

1. In addition to the other requirements
contained in this chapter, an applicant for an original real estate
salesperson’s license must furnish proof satisfactory to the Real Estate
Division that the applicant has successfully completed a course of instruction
in the principles, practices, procedures, law and ethics of real estate, which
course may be an extension or correspondence course offered by the Nevada
System of Higher Education, by any other accredited college or university or by
any other college or school approved by the Commission. The course of
instruction must include the subject of disclosure of required information in
real estate transactions, including instruction on methods a seller may use to
obtain the required information.

2. An applicant for an original real
estate broker’s or broker-salesperson’s license must furnish proof satisfactory
to the Real Estate Division that the applicant has successfully completed 45
semester units or the equivalent in quarter units of college level courses
which include:

(a) Three semester units or an equivalent number
of quarter units in real estate law, including at least 18 classroom hours of
the real estate law of Nevada and another course of equal length in the
principles of real estate;

(b) Nine semester units or the equivalent in
quarter units of college level courses in real estate appraisal and business or
economics;

(c) Nine semester units or the equivalent in
quarter units of college level courses in real estate, business or economics;
and

(d) Three semester units or an equivalent number
of quarter units in broker management.

3. On and after January 1, 1986, in
addition to other requirements contained in this chapter, an applicant for an
original real estate broker’s or broker-salesperson’s license must furnish
proof satisfactory to the Real Estate Division that the applicant has completed
64 semester units or the equivalent in quarter units of college level courses.
This educational requirement includes and is not in addition to the
requirements listed in subsection 2.

4. For the purposes of this section, each
person who holds a license as a real estate broker, broker-salesperson or
salesperson, or an equivalent license, issued by a state or territory of the
United States, or the District of Columbia, is entitled to receive credit for
the equivalent of 16 semester units of college level courses for each 2 years
of active experience that, during the immediately preceding 10 years, the
person has obtained while he or she has held such a license, not to exceed 8
years of active experience. This credit may not be applied against the
requirement in subsection 2 for three semester units or an equivalent number of
quarter units in broker management or 18 classroom hours of the real estate law
of Nevada.

5. An applicant for a broker’s license
pursuant to NRS 645.350 must meet the educational
prerequisites applicable on the date his or her application is received by the
Real Estate Division.

6. As used in this section, “college level
courses” are courses offered by any accredited college or university or by any
other institution which meet the standards of education established by the
Commission. The Commission may adopt regulations setting forth standards of
education which are equivalent to the college level courses outlined in this
subsection. The regulations may take into account the standard of instructors,
the scope and content of the instruction, hours of instruction and such other
criteria as the Commission requires.

NRS 645.345Regulations of Division concerning schools and courses of
instruction in principles and practice of real estate; standard of instruction.The Division, with the approval of the
Commission, shall:

1. Adopt reasonable regulations defining
what constitutes:

(a) A course of instruction in real estate
principles, practices, procedures, law and ethics, which course of instruction
must include the subjects upon which an applicant is examined in determining
his or her fitness to receive an original real estate salesperson’s license.

(b) A school offering such a course.

2. Adopt regulations providing for the
establishment and maintenance of a uniform and reasonable standard of
instruction to be observed in and by such schools.

1. An application for a license as a real
estate broker, broker-salesperson or salesperson must be submitted in writing
to the Division upon blanks prepared or furnished by the Division.

2. Every application for a real estate
broker’s, broker-salesperson’s or salesperson’s license must set forth the
following information:

(a) The name, age and address of the applicant.
If the applicant is a partnership or an association which is applying to do
business as a real estate broker, the application must contain the name and
address of each member thereof. If the application is for a corporation which
is applying to do business as a real estate salesperson, real estate
broker-salesperson or real estate broker, the application must contain the name
and address of each officer and director thereof. If the applicant is a
limited-liability company which is applying to do business as a real estate
broker, the company’s articles of organization must designate a manager, and
the name and address of the manager and each member must be listed in the application.

(b) In the case of a broker, the name under which
the business is to be conducted. The name is a fictitious name if it does not
contain the name of the applicant or the names of the members of the
applicant’s company, firm, partnership or association. Except as otherwise
provided in NRS 645.387, a license must not be
issued under a fictitious name which includes the name of a real estate
salesperson or broker-salesperson. A license must not be issued under the same
fictitious name to more than one licensee within the State. All licensees doing
business under a fictitious name shall comply with other pertinent statutory
regulations regarding the use of fictitious names.

(c) In the case of a broker, the place or places,
including the street number, city and county, where the business is to be
conducted.

(d) The business or occupation engaged in by the
applicant for at least 2 years immediately preceding the date of the application,
and the location thereof.

(e) The time and place of the applicant’s
previous experience in the real estate business as a broker or salesperson.

(f) Whether the applicant has ever been convicted
of or is under indictment for a felony or has entered a plea of guilty, guilty
but mentally ill or nolo contendere to a charge of felony and, if so, the
nature of the felony.

(g) Whether the applicant has been convicted of
or entered a plea of nolo contendere to forgery, embezzlement, obtaining money
under false pretenses, larceny, extortion, conspiracy to defraud, engaging in
the business of selling real estate without a license or any crime involving
moral turpitude.

(h) Whether the applicant has been refused a real
estate broker’s, broker-salesperson’s or salesperson’s license in any state, or
whether his or her license as a broker or salesperson has been revoked or
suspended by any other state, district or territory of the United States or any
other country.

(i) If the applicant is a member of a limited-liability
company, partnership or association, or an officer of a corporation, the name
and address of the office of the limited-liability company, partnership,
association or corporation of which the applicant is a member or officer.

(j) All information required to complete the
application.

3. An applicant for a license as a
broker-salesperson or salesperson shall provide a verified statement from the
broker with whom the applicant will be associated, expressing the intent of
that broker to associate the applicant with the broker and to be responsible
for the applicant’s activities as a licensee.

4. If a limited-liability company,
partnership or association is to do business as a real estate broker, the
application for a broker’s license must be verified by at least two members
thereof. If a corporation is to do business as a real estate broker, the
application must be verified by the president and the secretary thereof.

1. Each applicant for a license as a real
estate broker, broker-salesperson or salesperson must pay a fee for the costs
of an investigation of the applicant’s background.

2. Each applicant must, as part of the
application and at his or her own expense:

(a) Arrange to have a complete set of
fingerprints taken by a law enforcement agency or other authorized entity
acceptable to the Division; and

(b) Submit to the Division:

(1) A completed fingerprint card and
written permission authorizing the Division to submit the applicant’s
fingerprints to the Central Repository for Nevada Records of Criminal History
for submission to the Federal Bureau of Investigation for a report on the
applicant’s background and to such other law enforcement agencies as the
Division deems necessary; or

(2) Written verification, on a form
prescribed by the Division, stating that the fingerprints of the applicant were
taken and directly forwarded electronically or by another means to the Central
Repository and that the applicant has given written permission to the law
enforcement agency or other authorized entity taking the fingerprints to submit
the fingerprints to the Central Repository for submission to the Federal Bureau
of Investigation for a report on the applicant’s background and to such other
law enforcement agencies as the Division deems necessary.

3. The Division may:

(a) Unless the applicant’s fingerprints are
directly forwarded pursuant to subparagraph (2) of paragraph (b) of subsection
2, submit those fingerprints to the Central Repository for submission to the
Federal Bureau of Investigation and to such other law enforcement agencies as
the Division deems necessary; and

(b) Request from each such agency any information
regarding the applicant’s background as the Division deems necessary.

NRS 645.358Payment of child support: Submission of certain information by
applicant; grounds for denial of license; duty of Division. [Effective until
the date of the repeal of 42 U.S.C. § 666, the federal law requiring each state
to establish procedures for withholding, suspending and restricting the
professional, occupational and recreational licenses for child support
arrearages and for noncompliance with certain processes relating to paternity
or child support proceedings.]

1. In addition to any other requirements
set forth in this chapter:

(a) A natural person who applies for the issuance
of a license as a real estate broker, broker-salesperson or salesperson shall
include the social security number of the applicant in the application
submitted to the Division.

(b) A natural person who applies for the issuance
or renewal of a license as a real estate broker, broker-salesperson or
salesperson shall submit to the Division the statement prescribed by the
Division of Welfare and Supportive Services of the Department of Health and
Human Services pursuant to NRS 425.520.
The statement must be completed and signed by the applicant.

2. The Division shall include the statement
required pursuant to subsection 1 in:

(a) The application or any other forms that must
be submitted for the issuance or renewal of the license; or

(b) A separate form prescribed by the Division.

3. A license as a real estate broker,
broker-salesperson or salesperson may not be issued or renewed by the Division
if the applicant is a natural person who:

(a) Fails to submit the statement required
pursuant to subsection 1; or

(b) Indicates on the statement submitted pursuant
to subsection 1 that the applicant is subject to a court order for the support
of a child and is not in compliance with the order or a plan approved by the
district attorney or other public agency enforcing the order for the repayment
of the amount owed pursuant to the order.

4. If an applicant indicates on the
statement submitted pursuant to subsection 1 that the applicant is subject to a
court order for the support of a child and is not in compliance with the order
or a plan approved by the district attorney or other public agency enforcing
the order for the repayment of the amount owed pursuant to the order, the
Division shall advise the applicant to contact the district attorney or other
public agency enforcing the order to determine the actions that the applicant
may take to satisfy the arrearage.

NRS 645.358Payment of child support:
Submission of certain information by applicant; grounds for denial of license;
duty of Division. [Effective on the date of the repeal of 42 U.S.C. § 666, the
federal law requiring each state to establish procedures for withholding,
suspending and restricting the professional, occupational and recreational
licenses for child support arrearages and for noncompliance with certain
processes relating to paternity or child support proceedings and expires by
limitation 2 years after that date.]

1. In addition to any other requirements
set forth in this chapter, a natural person who applies for the issuance or
renewal of a license as a real estate broker, broker-salesperson or salesperson
shall submit to the Division the statement prescribed by the Division of
Welfare and Supportive Services of the Department of Health and Human Services
pursuant to NRS 425.520. The statement
must be completed and signed by the applicant.

2. The Division shall include the
statement required pursuant to subsection 1 in:

(a) The application or any other forms that must
be submitted for the issuance or renewal of the license; or

(b) A separate form prescribed by the Division.

3. A license as a real estate broker,
broker-salesperson or salesperson may not be issued or renewed by the Division
if the applicant is a natural person who:

(a) Fails to submit the statement required
pursuant to subsection 1; or

(b) Indicates on the statement submitted pursuant
to subsection 1 that the applicant is subject to a court order for the support
of a child and is not in compliance with the order or a plan approved by the
district attorney or other public agency enforcing the order for the repayment
of the amount owed pursuant to the order.

4. If an applicant indicates on the
statement submitted pursuant to subsection 1 that the applicant is subject to a
court order for the support of a child and is not in compliance with the order
or a plan approved by the district attorney or other public agency enforcing
the order for the repayment of the amount owed pursuant to the order, the
Division shall advise the applicant to contact the district attorney or other
public agency enforcing the order to determine the actions that the applicant
may take to satisfy the arrearage.

(Added to NRS by 1997, 2163; A 2005, 2775, 2776, 2807,
effective on the date of the repeal of 42 U.S.C. § 666, the federal law
requiring each state to establish procedures for withholding, suspending and
restricting the professional, occupational and recreational licenses for child
support arrearages and for noncompliance with certain processes relating to
paternity or child support proceedings)

NRS 645.370Issuance of license to certain organizations doing business as
broker; restrictions.

1. Each limited-liability company doing
business as a real estate broker must designate its manager, each partnership
doing business as a real estate broker must designate one of its members, and
each corporation doing business as a real estate broker must designate one of
its officers, to submit an application for a broker’s license.

2. Upon such manager’s, member’s or
officer’s successfully passing the examination, and upon compliance with all
other requirements of law by the limited-liability company, partnership or
corporation, as well as by the designated manager, member or officer, the
Division shall issue a broker’s license to the manager, member or officer on
behalf of the limited-liability company, corporation or partnership, and
thereupon the manager, member or officer so designated is entitled to perform
all the acts of a real estate broker contemplated by this chapter; except:

(a) That the license entitles the manager, member
or officer so designated to act as a real estate broker only as officer or
agent of the limited-liability company, partnership or corporation, and not on
his or her own behalf, except as otherwise provided in NRS
645.385; and

(b) That if in any case the person so designated
is refused a license by the Real Estate Division, or in case the person ceases
to be connected with the limited-liability company, partnership or corporation,
the limited-liability company, partnership or corporation may designate another
person who must apply and qualify as in the first instance.

NRS 645.380Issuance of license as broker required for certain members and
officers of certain organizations.Each
member or officer of a limited-liability company, partnership or corporation
who will perform or engage in any of the acts specified in NRS 645.030, other than the manager, member or officer
designated for such purpose by the limited-liability company, partnership or
corporation in the manner provided in NRS 645.370,
must apply for and take out a separate broker’s license in his or her own name
individually. The license issued to any such member or officer of a
limited-liability company, partnership or corporation entitles the member or
officer to act as a real estate broker only as an officer or agent of the
limited-liability company, partnership or corporation and not on his or her own
behalf except as otherwise provided in NRS 645.385.

NRS 645.385Waiver of requirements of NRS 645.370 and 645.380.The Division may waive the requirements of NRS 645.370 and 645.380 by
adopting regulations authorizing real estate brokers to act on their own behalf
as well as on the behalf of a limited-liability company, corporation or
partnership.

NRS 645.387Issuance of license as broker-salesperson or salesperson to sole
shareholder of corporation on behalf of corporation or to manager of
limited-liability company on behalf of company; restrictions; duties;
expiration.

1. Any natural person who meets the
qualifications of a real estate broker-salesperson or salesperson and:

(a) Except as otherwise provided in subsection 2,
is the sole shareholder of a corporation organized pursuant to the provisions
of chapter 89 of NRS; or

(b) Is the manager of a limited-liability company
organized pursuant to the provisions of chapter
86 of NRS,

Ę may be
licensed on behalf of the corporation or limited-liability company for the
purpose of associating with a licensed real estate broker in the capacity of a
broker-salesperson or salesperson.

2. The spouse of the owner of the corporation
who has a community interest in any shares of the corporation shall not be
deemed a second shareholder of the corporation for the purposes of paragraph
(a) of subsection 1, if the spouse does not vote any of those shares.

3. A license issued pursuant to this
section entitles only the sole shareholder of the corporation or the manager of
the limited-liability company to act as a broker-salesperson or salesperson,
and only as an officer or agent of the corporation or limited-liability company
and not on his or her own behalf. The licensee shall not do or deal in any act,
acts or transactions included within the definition of a real estate broker in NRS 645.030, except as that activity is permitted
pursuant to this chapter to licensed broker-salespersons and salespersons.

4. The corporation or limited-liability
company shall, within 30 days after a license is issued on its behalf pursuant
to this section and within 30 days after any change in its ownership, file an
affidavit with the Division stating:

(a) For a corporation, the number of issued and
outstanding shares of the corporation and the names of all persons to whom the
shares have been issued.

(b) For a limited-liability company, the names of
members who have an interest in the company.

(a) The death of the licensed shareholder in the
corporation or the manager of the limited-liability company.

(b) The issuance of shares in the corporation to
more than one person other than the spouse.

6. Nothing in this section alters any of
the rights, duties or liabilities which otherwise arise in the legal
relationship between a real estate broker, broker-salesperson or salesperson
and a person who deals with him or her.

1. In addition to the information required
by this chapter, applications for brokers’ or salespersons’ licenses must
contain such other information pertaining to the applicants as the Division may
require.

2. The Division may require such other
proof through the application or otherwise, with due regard to the paramount
interests of the public as to the honesty, truthfulness, integrity and
competency of the applicant.

3. The Commission may adopt regulations
connected with the application for any examination and license.

NRS 645.410Regulations concerning fees for examination; time for payment of
fees.

1. The Commission shall adopt regulations
establishing the fee for an examination for a license as a real estate broker,
broker-salesperson or salesperson and all other fees necessary for the
administration of the examination.

2. Every application for examination for a
license as a real estate broker, broker-salesperson or salesperson under the
provisions of this chapter must be accompanied by the applicable fees
established pursuant to subsection 1. The applicant must pay the original
license fee and the fee for the Real Estate Education, Research and Recovery
Fund at the time he or she files an application for a license.

NRS 645.420Action on application by Division; additional investigation;
invalidation of license for certain errors in issuance.

1. The Division shall notify each
applicant in writing whether the applicant passed or failed the examination.

2. The Division shall act upon all
applications for licenses as real estate brokers, broker-salespersons or real
estate salespersons within 60 days from the date of receiving the completed
application for a license.

3. If in the opinion of the Real Estate
Division additional investigation of the applicant appears necessary, the Real
Estate Division may extend the 60-day period and may make such additional
investigation as is necessary or desirable before acting on the applicant’s
application.

4. The burden of proof is on the applicant
to establish to the satisfaction of the Real Estate Division that he or she is
qualified to receive a license.

5. Passing the examination creates no
vested right in the applicant to hold a license pending an appeal of a denial
of his or her licensing by the Division.

6. The Division, upon the discovery of any
error in the issuance of a license which is related to the qualification or
fitness of the licensee, may invalidate the license. The Division shall
promptly notify the licensee, in writing, of the invalidation and the licensee
shall surrender the license to the Division within 20 days after notice is sent
by the Division. A licensee whose license is invalidated under this subsection
and is surrendered within the time specified is entitled to a hearing as for a
denial of application in accordance with the provisions of NRS 645.440.

NRS 645.430Restrictions on reapplication after applicant denied license on
ground other than failure of examination.If
an applicant shall have been denied a license except for failure to pass an
examination, the applicant shall not be permitted to reapply until the Real
Estate Division shall, in its discretion, upon petition of the applicant, grant
leave to file such reapplication.

1. If the Division, after an application
for a license in proper form has been filed with it, accompanied by the proper
fee, denies an application, the Division shall give notice of the denial to the
applicant within 15 days after its ruling, order or decision.

2. Upon written request from the
applicant, filed within 30 days after receipt of that notice by the applicant,
the President of the Commission shall set the matter for a hearing to be
conducted at the next meeting of the Commission held pursuant to NRS 645.150 after receipt of the applicant’s request
if the request is received at least 20 days before the meeting and contains
allegations which, if true, qualify the applicant for a license.

3. The hearing must be held at such time
and place as the Commission prescribes. At least 15 days before the date set
for the hearing, the Division shall notify the applicant and shall accompany
the notification with an exact copy of any protest filed, together with copies
of all communications, reports, affidavits or depositions in the possession of
the Division relevant to the matter in question. Written notice of the hearing
may be served by delivery personally to the applicant, or by mailing it by certified
mail to the last known address of the applicant.

4. The hearing may be held by the
Commission or by a majority of its members, and a hearing must be held, if the
applicant so desires. A record of the proceedings, or any part thereof, must be
made available to each party upon the payment to the Division of the reasonable
cost of transcription.

5. The Commission shall render a written
decision on any appeal within 60 days after the final hearing and shall notify
the parties to the proceedings, in writing, of its ruling, order or decision
within 15 days after it is made.

6. If an applicant has made a false
statement of material fact on his or her application, the false statement may
in itself be sufficient ground for refusal of a license.

1. The Division shall ascertain by written
examination that the applicant has an appropriate knowledge and understanding
of those subjects which commonly and customarily apply to the real estate
business.

2. The Division may hire a professional
testing organization to create, administer or score the written examination or
perform all of those functions.

3. The Division may accept successful
completion of the uniform portion of a national real estate examination in
partial satisfaction of the requirements of the examination in Nevada.

NRS 645.475Examination for license as broker may be taken before meeting
requirements for experience; issuance of license as broker-salesperson upon
passing examination; application and experience required for issuance of
license as broker.

1. An applicant for a real estate broker’s
license may take the written examination before the applicant has complied with
the experience requirements of subsection 4 of NRS
645.330, but the Division shall not approve the issuance of a broker’s
license until all the requirements of this chapter are met.

2. An applicant, pursuant to subsection 1,
who passes the broker’s examination must be issued a broker-salesperson’s
license. The applicant may be issued a broker’s license upon:

1. Upon satisfactorily passing the written
examination and upon complying with all other provisions of law and conditions
of this chapter, a license shall thereupon be granted by the Division to the
successful applicant therefor as a real estate broker, broker-salesperson or
salesperson, and the applicant, upon receiving the license, may conduct the
business of a real estate broker, broker-salesperson or salesperson in this
State.

2. The Division shall issue licenses as a
real estate broker, broker-salesperson or salesperson to all applicants who
qualify and comply with all provisions of law and all requirements of this
chapter.

(a) An original license as a real estate broker,
broker-salesperson or salesperson must be renewed with the Division before the
expiration of the initial license period of 24 consecutive months as prescribed
in NRS 645.780; and

(b) Thereafter, the license must be renewed with
the Division before the expiration of each subsequent license period of 48
consecutive months as prescribed in NRS 645.780.

NRS 645.495Nonresident licensee to authorize service of process upon
Administrator.

1. No license may be issued pursuant to NRS 645.490 to a resident of a state other than Nevada
until the applicant has appointed in writing the Administrator to be his or her
agent, upon whom all process, in any action or proceeding against the
applicant, may be served. In this writing the applicant must agree that any
process against him or her which is served on the Administrator is of the same
legal validity as if it had been served on the applicant and state that the
appointment continues in force as long as any liability remains outstanding
against the applicant in this State. It must contain a stipulation agreeing to
venue in any judicial or administrative district in this State without regard
to the location of the licensee’s principal place of business. The written
appointment must be acknowledged before an officer authorized to take
acknowledgments of deeds and must be filed in the office of the Administrator.
A copy of the appointment which is certified by the Administrator is sufficient
evidence of the appointment and agreement.

2. When any process is served upon the
Administrator under this section, the Administrator shall mail the process by
certified mail to the last known address of the licensee. Service is complete
upon such mailing. The manner of serving process described in this subsection
does not affect the validity of any other service authorized by law.

NRS 645.510Authority of license limited to person or place of business
licensed.No real estate license
issued under the provisions of this chapter shall give authority to do or
perform any act specified in this chapter to any person other than the person
to whom the license is issued, or from any place of business other than that
specified therein.

[16:150:1947; 1943 NCL § 6396.16]

NRS 645.520Form and contents; limitation on association with or employment
of broker-salesperson or salesperson.

1. The Division shall issue to each
licensee a license in such form and size as is prescribed by the Division.

2. Each license must:

(a) Show the name and address of the licensee,
and in case of a real estate broker-salesperson’s or salesperson’s license show
the name of the real estate broker with whom he or she will be associated.

(b) Have imprinted thereon the seal of the
Division.

(c) Contain any additional matter prescribed by
the Division.

3. No real estate broker-salesperson or
salesperson may be associated with or employed by more than one broker or
owner-developer at the same time.

1. The license of each real estate
broker-salesperson or salesperson must be delivered or mailed to the real
estate broker with whom the licensee is associated or to the owner-developer by
whom the licensee is employed and must be kept in the custody and control of
the broker or owner-developer.

2. Each real estate broker shall:

(a) Display his or her license conspicuously in
the broker’s place of business. If a real estate broker maintains more than one
place of business within the State, an additional license must be issued to the
broker for each branch office so maintained by the broker, and the additional
license must be displayed conspicuously in each branch office.

(b) Prominently display in his or her place of
business the licenses of all real estate broker-salespersons and salespersons
associated with him or her therein or in connection therewith.

3. Each owner-developer shall prominently
display in his or her place of business the license of each real estate broker-salesperson
and salesperson employed by him or her.

NRS 645.550Broker to maintain place of business; business must be done from
location designated in license; licensing of broker or owner-developer by
county, city or town.

1. Every real estate broker shall have and
maintain a definite place of business within the State, which must be a room or
rooms used for the transaction of real estate business, or such business and
any allied businesses, and which must serve as the office for the transaction
of business under the authority of the license, and where the license must be
prominently displayed.

2. The place of business must be specified
in the application for license and designated in the license.

3. No license authorizes the licensee to
transact business from any office other than that designated in the license.

4. Each city, town or county may require a
license for revenue purposes for a licensed real estate broker or
owner-developer who maintains an office within the city or town, or within the
county outside the cities and towns of the county, respectively.

1. Each licensed real estate broker shall
erect and maintain a sign in a conspicuous place upon the premises of his or
her place of business. The name of the broker or the name under which the
broker conducts his or her business set forth in the license must be clearly
shown thereon.

2. The size and place of the sign must
conform to regulations adopted by the Commission.

3. Similar signs must also be erected and
maintained in a conspicuous place at all branch offices.

NRS 645.570Notice of change of name, location of business or association;
requirements for transfer of association; effect of failure to give notice.

1. Notice in writing must be given by the
broker or a corporate officer to the Division within 10 days of any change of
name or business location of any licensee or of a change of association of any
broker-salesperson or salesperson licensee. Upon the surrender of the license
previously issued and the payment of the fee required by law the Division shall
issue the license for the unexpired term.

2. Upon the transfer of association of any
broker-salesperson or salesperson licensee, application accompanied by the fee
required by law must be made to the Division for the reissuance of the license
to the broker-salesperson or salesperson for the unexpired term. Such a
transfer may only be into an association with a licensed broker or registered
owner-developer who must certify to the honesty, truthfulness and good
reputation of the transferee.

3. Failure to give notice as required by
this section constitutes cause for the revocation of any outstanding license or
involuntary inactivation of the license.

1. The Commission shall adopt regulations
that prescribe the standards for the continuing education of persons licensed
pursuant to this chapter.

2. The standards adopted pursuant to
subsection 1 must permit alternatives of subject material, taking cognizance of
specialized areas of practice and alternatives in sources of programs
considering availability in area and time. The standards must include, where
qualified, generally accredited educational institutions, private vocational
schools, educational programs and seminars of professional societies and
organizations, other organized educational programs on technical subjects, or
equivalent offerings. The Commission shall qualify only those educational
courses that it determines address the appropriate subject matter and are given
by an accredited university or community college. Subject to the provisions of
this section, the Commission has exclusive authority to determine what is an
appropriate subject matter for qualification as a continuing education course.

3. In addition to any other standards for
continuing education that the Commission adopts by regulation pursuant to this
section, the Commission may, without limitation, adopt by regulation standards
for continuing education that:

(a) Establish a postlicensing curriculum of
continuing education which must be completed by a person within the first year
immediately after initial licensing of the person.

(b) Require a person whose license as a real
estate broker or real estate broker-salesperson has been placed on inactive
status for any reason for 1 year or more or has been suspended or revoked to
complete a course of instruction in broker management that is designed to
fulfill the educational requirements for issuance of a license which are
described in paragraph (d) of subsection 2 of NRS
645.343, before the person’s license is reissued or reinstated.

4. Except as otherwise provided in this
subsection, the license of a real estate broker, broker-salesperson or
salesperson must not be renewed or reinstated unless the Administrator finds
that the applicant for the renewal license or for reinstatement to active
status has completed the continuing education required by this chapter. Any
amendment or repeal of a regulation does not operate to prevent an applicant
from complying with this section for the next licensing period following the
amendment or repeal.

1. The Division may place a license on
inactive status for any of the following reasons:

(a) At the request of the licensee.

(b) If a broker’s license or a corporate
officer’s license, for failure to immediately notify the Division in writing of
any change in the name of the licensee’s firm or its business location.

(c) If a broker-salesperson’s license or a
salesperson’s license, for failure to notify the Division of a change in the
broker or owner-developer with whom the licensee will be associated within 30
days after the licensee’s previous association was terminated.

(d) For failure to apply and pay the fee for
renewal before the license expired.

(e) If inactivated upon the placing of the broker
under whose supervision the licensee worked in an inactive status.

(f) As a result of a formal disciplinary
proceeding.

2. Any licensee whose license has been
placed on inactive status may not engage in the business of a real estate
broker, broker-salesperson or salesperson until the licensee has met all of the
requirements for reinstatement of his or her license to active status.

NRS 645.580Termination of association or employment of broker-salesperson
or salesperson; duties of broker or owner-developer and broker-salesperson or
salesperson; transfer of license or new license.

1. When any real estate broker-salesperson
or salesperson terminates, for any reason, his or her association with the real
estate broker with whom he or she was associated, or his or her employment with
the owner-developer by whom he or she was employed, the real estate broker or
owner-developer shall:

(a) Deliver or mail by certified mail to the
Division the real estate broker-salesperson’s or salesperson’s license,
together with a written statement of the circumstances surrounding the
termination of the association or the employment, within 10 days after the
termination occurs.

(b) At the time of delivering or mailing the
license to the Division, address a communication to the last known residence
address of the broker-salesperson or salesperson, advising him or her that the
license has been delivered or mailed to the Division. A copy of the
communication must accompany the license when delivered or mailed to the
Division.

2. A broker-salesperson or salesperson
must, within 30 days after termination of that association, become associated
with or employed by another broker or owner-developer or request that the
license be placed on inactive status.

3. It is unlawful for any real estate
salesperson to perform any of the acts contemplated by this chapter, either
directly or indirectly, under authority of the license on or after the date of
receipt of the license from the broker or owner-developer by the Division and
until the license is transferred or reissued or a new license is issued.

NRS 645.590Termination of association by broker with limited-liability
company, partnership or corporation; new license.If
any real estate broker licensed pursuant to the provisions of this chapter as a
manager of a limited-liability company, member of a partnership, or as an
officer of a corporation, discontinues his or her connections with the
limited-liability company, partnership or corporation, and thereafter desires
to act as an individual real estate broker, or become associated with any other
limited-liability company, partnership or corporation, the broker must file an
application and pay a transfer fee of $20 for a new license as an individual broker,
as the manager of the new limited-liability company, or as a member of the new
partnership or association, or as an officer of the new corporation. The
payment of such a fee does not extend or otherwise alter the original license
period.

NRS 645.600Inactive status for period of military service; reinstatement.

1. Any licensee under the provisions of
this chapter who shall be called into the military service of the United States
shall, at his or her request, be relieved from compliance with the provisions
of this chapter and placed on inactive status for the period of such military
service and for a period of 6 months after discharge therefrom.

2. At any time within 6 months after
termination of such service, providing the provisions of subsection 1 are
complied with, the licensee may be reinstated, without examination, to active
status in the appropriate classification which the licensee left upon entry
into the military service, without having to meet any qualification or
requirement other than the payment of the reinstatement fee, as provided in NRS 645.830, and the licensee shall not be required to
make payment of the license fee for the current year.

3. Any licensee seeking to qualify for
reinstatement, as provided in subsections 1 and 2, shall present a certified
copy of his or her honorable discharge or certificate of satisfactory service
to the Real Estate Division.

[33.5:150:1947; added 1955, 18]—(NRS A 1963, 674)

NRS 645.605Certificate authorizing out-of-state licensed broker to
cooperate with broker in Nevada: Issuance; fee; regulations.The Administrator shall have authority to
issue certificates authorizing out-of-state licensed brokers to cooperate with
Nevada brokers, and the Commission shall have authority to promulgate rules and
regulations establishing the conditions under which such certificates shall be
issued and cancelled, all subject to the provisions and penalties of this
chapter. The Real Estate Division shall charge a fee for the issuance of such
certificate as provided in NRS 645.830.

(Added to NRS by 1965, 1407)

NRS 645.6051Broker to maintain record of work performed on residential
property; contents of record.

1. A person licensed pursuant to this
chapter as a real estate broker, real estate broker-salesperson or real estate
salesperson shall maintain a record of all work performed on a residential
property that the person assists a client in scheduling pursuant to subsection
11 of NRS 624.031.

2. The record required by subsection 1
must include, without limitation:

(a) The name of any person licensed pursuant to chapter 624 of NRS who performs such work;

(b) The date on which the work was performed;

(c) A copy of any written contract to perform the
work; and

(d) A copy of any invoice prepared in connection
with the work.

3. As used in this section, “residential
property” has the meaning ascribed to it in NRS
624.031.

1. A person who is licensed pursuant to
this chapter as a real estate broker, real estate broker-salesperson or real
estate salesperson may apply to the Real Estate Division for a permit to engage
in property management.

2. An applicant for a permit must:

(a) Furnish proof satisfactory to the Division
that the applicant has successfully completed at least 24 classroom hours of
instruction in property management; and

(b) Comply with all other requirements
established by the Commission for the issuance of a permit.

3. A permit expires, and may be renewed,
at the same time as the license of the holder of the permit.

4. An applicant for the renewal of a
permit must:

(a) Furnish proof satisfactory to the Division
that the applicant has successfully completed at least 3 of the hours of the
continuing education required for the renewal of his or her license pursuant to
the regulations adopted by the Commission pursuant to NRS
645.575 in an approved educational course, seminar or conference concerning
property management; and

(b) Comply with all other requirements
established by the Commission for the renewal of a permit.

5. The Commission may adopt such
regulations as it determines are necessary to carry out the provisions of this
section. The regulations may, without limitation:

(a) Establish additional requirements for the
issuance or renewal of a permit.

(b) Establish fees for the issuance and renewal
of a permit and fees to pay the costs of:

(1) Any examination for a permit,
including any costs which are necessary for the administration of such an
examination.

(2) Any investigation of an applicant’s
background.

(c) Set forth standards of education for the
approval of a course of instruction to qualify an applicant for a permit.

(d) A broker who conducts business as a sole
proprietor shall designate a person who is licensed under the broker,

Ę to submit an
application for a permit to engage in property management. The partnership,
corporation, limited-liability company or sole proprietor shall not engage in
the business of property management unless the person so designated has been
issued a permit to engage in property management by the Real Estate Division.

2. If the person designated to apply for a
permit pursuant to subsection 1 meets the qualifications for a permit set forth
in NRS 645.6052, the Division shall issue to that
person a permit to engage in property management on behalf of the partnership,
corporation, limited-liability company or sole proprietor, and thereupon the
person may perform all the acts of a property manager contemplated by this
chapter.

3. A person to whom a permit has been
issued pursuant to this section may act as a property manager pursuant to the
permit only on behalf of the partnership, corporation, limited-liability
company or sole proprietor, and not on his or her own behalf. If that person
ceases to be connected or associated with the partnership, corporation,
limited-liability company or sole proprietor, the partnership, corporation,
limited-liability company or sole proprietor shall designate another person who
meets the qualifications for a permit set forth in NRS
645.6052 to hold the permit on behalf of the partnership, corporation,
limited-liability company or sole proprietor.

4. Any member, officer or employee of a
partnership, corporation or limited-liability company, other than the person
designated as the property manager pursuant to subsection 1, who wishes to
engage in the business of property management must apply in his or her own name
individually for a separate permit to engage in property management. Pursuant
to such a permit, the member, officer or employee of a partnership, corporation
or limited-liability company may act as a property manager only as an officer
or agent of the partnership, corporation or limited-liability company, and not
on his or her own behalf.

1. If a real estate broker does not hold a
permit to engage in property management but intends to have property management
activities conducted at an office, the real estate broker must:

(a) Appoint a person, who has the qualifications
required by this section, as the designated property manager for the office to
supervise the property management activities conducted at the office; and

(b) Submit notice of the appointment to the
Division.

2. The designated property manager for an
office must be a natural person who:

(a) Holds a license as a real estate broker or
real estate broker-salesperson;

(b) Holds a permit to engage in property
management; and

(c) Has 2 years active experience, within the 4
years immediately preceding the date of the appointment, in conducting property
management activities in the United States as a licensed real estate broker,
real estate broker-salesperson or real estate salesperson.

3. While acting as the designated property
manager for an office, the person:

(a) Must comply with the provisions of NRS 645.6052 to 645.6058,
inclusive, and all other applicable provisions of this chapter; and

(b) Is subject to all the remedies and penalties
provided for in this chapter.

1. A real estate broker who holds a permit
to engage in property management shall not act as a property manager unless the
broker has first obtained a property management agreement signed by the broker
and the client for whom the broker will manage the property.

2. A property management agreement must
include, without limitation:

(a) The term of the agreement and, if the
agreement is subject to renewal, provisions clearly setting forth the
circumstances under which the agreement may be renewed and the term of each
such renewal;

(b) A provision for the retention and disposition
of deposits of the tenants of the property during the term of the agreement
and, if the agreement is subject to renewal, during the term of each such
renewal;

(c) The fee or compensation to be paid to the
broker;

(d) The extent to which the broker may act as the
agent of the client;

(e) If the agreement is subject to cancellation,
provisions clearly setting forth the circumstances under which the agreement
may be cancelled. The agreement may authorize the broker or the client, or
both, to cancel the agreement with cause or without cause, or both, under the
circumstances set forth in the agreement; and

(f) If the broker intends to provide asset
management services for the client, a provision indicating the extent to which
the broker will provide those services. As used in this paragraph, “client” has
the meaning ascribed to it in NRS
645H.060.

NRS 645.6058Disposition of fees, penalties and fines received by Division;
delegation of authority of Division to hearing officer or panel.

1. Except as otherwise provided in
subsection 3, all fees, penalties and fines received by the Division pursuant
to the provisions of NRS 645.6052 to 645.6058, inclusive, must be deposited with the State
Treasurer for credit to the Division. The money must be used by the Division
for the administration of the provisions of NRS
645.6052 to 645.6058, inclusive.

2. The Division may delegate to a hearing
officer or panel its authority to take any disciplinary action against property
managers, impose and collect fines pursuant to the disciplinary action and
deposit the money with the State Treasurer for credit to the Division.

3. If a hearing officer or panel is not
authorized to take disciplinary action pursuant to subsection 2, the Division
shall deposit the money collected from the imposition of penalties and fines
collected from property managers with the State Treasurer for credit to the
State General Fund. The Division may present a claim to the State Board of
Examiners for recommendation to the Interim Finance Committee if money is
needed to pay an attorney’s fee or the costs of an investigation, or both.

NRS 645.610Investigation of actions of licensees and other persons.The Administrator may investigate the actions
of any real estate broker, broker-salesperson, salesperson, owner-developer or
any person who acts in any such capacity within this State.

NRS 645.620Maintenance by Division of record of complaints, investigations
and denials of applications.The
Division shall maintain in each district office a public docket or other record
in which it shall record from time to time as made:

1. The rulings or decisions upon all
complaints filed with that district office.

2. All investigations instituted by that
district office in the first instance, upon or in connection with which any
hearing has been held, or in which the licensee charged has made no defense.

3. Denials of applications made to that
district office for examination or licensing.

1. Except as otherwise provided in this
section and NRS 239.0115, a complaint
filed with the Division alleging a violation of this chapter, all documents and
other information filed with the complaint and all documents and other
information compiled as a result of an investigation conducted to determine
whether to initiate disciplinary action are confidential and may be disclosed
in whole or in part only as necessary in the course of administering this
chapter or to a licensing board or agency or any other governmental agency,
including, without limitation, a law enforcement agency, that is investigating
a person who holds a license, permit or registration issued pursuant to this chapter.

2. A complaint or other document filed
with the Commission to initiate disciplinary action and all documents and
information considered by the Commission when determining whether to impose
discipline are public records.

1. The Commission may require a licensee,
property manager or owner-developer to pay an administrative fine of not more
than $10,000 for each violation he or she commits or suspend, revoke, deny the
renewal of or place conditions upon his or her license, permit or registration,
or impose any combination of those actions, at any time if the licensee,
property manager or owner-developer has, by false or fraudulent representation,
obtained a license, permit or registration, or the licensee, property manager
or owner-developer, whether or not acting as such, is found guilty of:

(a) Making any material misrepresentation.

(b) Making any false promises of a character
likely to influence, persuade or induce.

(c) Accepting a commission or valuable
consideration as a real estate broker-salesperson or salesperson for the
performance of any of the acts specified in this chapter or chapter 119 or 119A
of NRS from any person except the licensed real estate broker with whom he or
she is associated or the owner-developer by whom he or she is employed.

(d) Representing or attempting to represent a
real estate broker other than the broker with whom he or she is associated,
without the express knowledge and consent of the broker with whom he or she is
associated.

(e) Failing to maintain, for review and audit by
the Division, each brokerage agreement and property management agreement
governed by the provisions of this chapter and entered into by the licensee.

(f) Failing, within a reasonable time, to account
for or to remit any money which comes into his or her possession and which
belongs to others.

(g) If he or she is required to maintain a trust
account:

(1) Failing to balance the trust account
at least monthly; and

(2) Failing to submit to the Division an
annual accounting of the trust account as required in NRS
645.310.

(h) Commingling the money or other property of
his or her clients with his or her own or converting the money of others to his
or her own use.

(i) In the case of a broker-salesperson or
salesperson, failing to place in the custody of his or her licensed broker or
owner-developer, as soon as possible, any deposit or other money or
consideration entrusted to him or her by any person dealing with him or her as
the representative of his or her licensed broker.

(j) Accepting other than cash as earnest money
unless that fact is communicated to the owner before his or her acceptance of
the offer to purchase and that fact is shown in the receipt for the earnest
money.

(k) Upon acceptance of an agreement, in the case
of a broker, failing to deposit any check or cash received as earnest money
before the end of the next banking day unless otherwise provided in the
purchase agreement.

(l) Inducing any party to a brokerage agreement,
property management agreement, agreement of sale or lease to break it in order
to substitute a new brokerage agreement, property management agreement,
agreement of sale or lease with the same or another party if the inducement to
make the substitution is offered to secure personal gain to the licensee or
owner-developer.

2. An order that imposes discipline and
the findings of fact and conclusions of law supporting that order are public
records.

1. The Commission may take action pursuant
to NRS 645.630 against any person subject to that
section who is guilty of any of the following acts:

(a) Willfully using any trade name, service mark
or insigne of membership in any real estate organization of which the licensee
is not a member, without the legal right to do so.

(b) Violating any order of the Commission, any
agreement with the Division, any of the provisions of this chapter, chapter 116, 119,
119A, 119B,
645A or 645C
of NRS or any regulation adopted pursuant thereto.

(c) Paying a commission, compensation or a
finder’s fee to any person for performing the services of a broker,
broker-salesperson or salesperson who has not secured a license pursuant to
this chapter. This subsection does not apply to payments to a broker who is
licensed in his or her state of residence.

(d) A conviction of, or the entry of a plea of
guilty, guilty but mentally ill or nolo contendere to:

(1) A felony relating to the practice of
the licensee, property manager or owner-developer; or

(e) Guaranteeing, or having authorized or
permitted any person to guarantee, future profits which may result from the
resale of real property.

(f) Failure to include a fixed date of expiration
in any written brokerage agreement or failure to leave a copy of such a
brokerage agreement or any property management agreement with the client.

(g) Accepting, giving or charging any undisclosed
commission, rebate or direct profit on expenditures made for a client.

(h) Gross negligence or incompetence in
performing any act for which the person is required to hold a license pursuant
to this chapter, chapter 119, 119A or 119B
of NRS.

(i) Any other conduct which constitutes
deceitful, fraudulent or dishonest dealing.

(j) Any conduct which took place before the
person became licensed which was in fact unknown to the Division and which
would have been grounds for denial of a license had the Division been aware of
the conduct.

(k) Knowingly permitting any person whose license
has been revoked or suspended to act as a real estate broker,
broker-salesperson or salesperson, with or on behalf of the licensee.

(l) Recording or causing to be recorded a claim
pursuant to the provisions of NRS 645.8701 to 645.8811, inclusive, that is determined by a district
court to be frivolous and made without reasonable cause pursuant to NRS 645.8791.

2. The Commission may take action pursuant
to NRS 645.630 against a person who is subject to
that section for the suspension or revocation of a real estate broker’s,
broker-salesperson’s or salesperson’s license issued by any other jurisdiction.

3. The Commission may take action pursuant
to NRS 645.630 against any person who:

(a) Holds a permit to engage in property
management issued pursuant to NRS 645.6052; and

(b) In connection with any property for which the
person has obtained a property management agreement pursuant to NRS 645.6056:

(2) Has been notified in writing by the
appropriate governmental agency of a potential violation of NRS 244.360, 244.3603 or 268.4124, and has failed to inform the
owner of the property of such notification; or

(3) Has been directed in writing by the
owner of the property to correct a potential violation of NRS 244.360, 244.3603 or 268.4124, and has failed to correct the
potential violation, if such corrective action is within the scope of the
person’s duties pursuant to the property management agreement.

4. The Division shall maintain a log of
any complaints that it receives relating to activities for which the Commission
may take action against a person holding a permit to engage in property
management pursuant to subsection 3.

5. On or before February 1 of each
odd-numbered year, the Division shall submit to the Director of the Legislative
Counsel Bureau a written report setting forth, for the previous biennium:

(a) Any complaints included in the log maintained
by the Division pursuant to subsection 4; and

(b) Any disciplinary actions taken by the
Commission pursuant to subsection 3.

NRS 645.635Additional grounds for disciplinary action: Unprofessional and
improper conduct relating to real estate transactions.The
Commission may take action pursuant to NRS 645.630
against any person subject to that section who is guilty of:

1. Offering real estate for sale or lease
without the knowledge and consent of the owner or the owner’s authorized agent
or on terms other than those authorized by the owner or the owner’s authorized
agent.

2. Negotiating a sale, exchange or lease
of real estate, or communicating after such negotiations but before closing,
directly with a client if the person knows that the client has a brokerage
agreement in force in connection with the property granting an exclusive
agency, including, without limitation, an exclusive right to sell to another
broker, unless permission in writing has been obtained from the other broker.

3. Failure to deliver within a reasonable
time a completed copy of any purchase agreement or offer to buy or sell real estate
to the purchaser or to the seller, except as otherwise provided in subsection 4
of NRS 645.254.

4. Failure to deliver to the seller in
each real estate transaction, within 10 business days after the transaction is
closed, a complete, detailed closing statement showing all of the receipts and
disbursements handled by him or her for the seller, failure to deliver to the
buyer a complete statement showing all money received in the transaction from
the buyer and how and for what it was disbursed, or failure to retain true
copies of those statements in his or her files. The furnishing of those
statements by an escrow holder relieves the broker’s, broker-salesperson’s or
salesperson’s responsibility and must be deemed to be in compliance with this
provision.

5. Representing to any lender,
guaranteeing agency or any other interested party, verbally or through the
preparation of false documents, an amount in excess of the actual sale price of
the real estate or terms differing from those actually agreed upon.

6. Failure to produce any document, book
or record in his or her possession or under his or her control, concerning any
real estate transaction under investigation by the Division.

7. Failure to reduce a bona fide offer to
writing where a proposed purchaser requests that it be submitted in writing,
except as otherwise provided in subsection 4 of NRS
645.254.

8. Failure to submit all written bona fide
offers to a seller when the offers are received before the seller accepts an
offer in writing and until the broker has knowledge of that acceptance, except
as otherwise provided in subsection 4 of NRS 645.254.

9. Refusing because of race, color,
national origin, sex or ethnic group to show, sell or rent any real estate for
sale or rent to qualified purchasers or renters.

10. Knowingly submitting any false or
fraudulent appraisal to any financial institution or other interested person.

NRS 645.645Additional grounds for disciplinary action: Unprofessional and
improper conduct relating to sale of insurance for home protection.The Commission may take action pursuant to NRS 645.630 against any person selling insurance for
home protection, as defined in NRS
690B.100, under the authority of a license issued pursuant to this chapter
who:

1. Makes a misrepresentation in the sale
of insurance for home protection.

2. Misrepresents the provisions of the
contract of insurance for home protection.

3. Misappropriates any fees or premiums
collected for the insurance for home protection.

NRS 645.648Suspension of license for failure to pay child support or comply
with certain subpoenas or warrants; reinstatement of license. [Effective until
2 years after the date of the repeal of 42 U.S.C. § 666, the federal law
requiring each state to establish procedures for withholding, suspending and
restricting the professional, occupational and recreational licenses for child
support arrearages and for noncompliance with certain processes relating to
paternity or child support proceedings.]

1. If the Division receives a copy of a
court order issued pursuant to NRS 425.540
that provides for the suspension of all professional, occupational and
recreational licenses, certificates and permits issued to a person who is the
holder of a license as a real estate broker, broker-salesperson or salesperson,
the Division shall deem the license issued to that person to be suspended at
the end of the 30th day after the date on which the court order was issued
unless the Division receives a letter issued to the holder of the license by the
district attorney or other public agency pursuant to NRS 425.550 stating that the holder of the
license has complied with the subpoena or warrant or has satisfied the
arrearage pursuant to NRS 425.560.

2. The Division shall reinstate a license
as a real estate broker, broker-salesperson or salesperson that has been
suspended by a district court pursuant to NRS
425.540 if the Division receives a letter issued by the district attorney
or other public agency pursuant to NRS
425.550 to the person whose license was suspended stating that the person
whose license was suspended has complied with the subpoena or warrant or has
satisfied the arrearage pursuant to NRS
425.560.

NRS 645.660Knowledge of associate or employer of violation by licensee or
employee; penalties.

1. Any unlawful act or violation of any of
the provisions of this chapter by any licensee is not cause to suspend, revoke
or deny the renewal of the license of any person associated with the licensee,
unless it appears to the satisfaction of the Commission that the associate knew
or should have known thereof. A course of dealing shown to have been
persistently and consistently followed by any licensee constitutes prima facie
evidence of such knowledge upon the part of the associate.

2. If it appears that a registered
owner-developer knew or should have known of any unlawful act or violation on
the part of a real estate broker, broker-salesperson or salesperson employed by
the registered owner-developer, in the course of his or her employment, the
Commission may suspend, revoke or deny the renewal of the registered
owner-developer’s registration and may assess a civil penalty of not more than
$5,000.

3. The Commission may suspend, revoke or
deny the renewal of the license of a real estate broker and may assess a civil
penalty of not more than $5,000 against the broker if it appears he or she has
failed to maintain adequate supervision of a salesperson or broker-salesperson
associated with the broker and that person commits any unlawful act or violates
any of the provisions of this chapter.

NRS 645.670Effect on limited-liability company, partnership or corporation
of revocation or suspension of license of manager, partner or officer;
termination of suspension or reinstatement of license. In
the event of the revocation or suspension of the license issued to a manager of
a limited-liability company, a member of a partnership or to any officer of a
corporation, the limited-liability company, partnership or corporation shall
not conduct business unless the manager or member whose license has been
revoked is severed and his or her interest in the limited-liability company or
partnership and his or her share in its activities brought to an end, or if a
corporation, the offending officer is discharged and has no further
participation in its activities. The discharged or withdrawing manager, member
or officer of such a limited-liability company, partnership or corporation may
reassume his or her connection with, or be reengaged by the limited-liability
company, partnership or corporation, upon termination of the suspension or upon
reinstatement of his or her license.

NRS 645.675Disciplinary proceedings, fines and penalties not affected by
expiration, revocation or voluntary surrender of license, permit or
registration.The expiration or
revocation of a license, permit or registration by operation of law or by order
or decision of the Commission or a court of competent jurisdiction, or the
voluntary surrender of a license, permit or registration by a real estate
broker, real estate broker-salesperson, real estate salesperson, property
manager or owner-developer does not:

1. Prohibit the Administrator, Commission
or Division from initiating or continuing an investigation of, or action or
disciplinary proceeding against, the real estate broker, real estate
broker-salesperson, real estate salesperson, property manager or
owner-developer as authorized pursuant to the provisions of this chapter or the
regulations adopted pursuant thereto; or

2. Prevent the imposition or collection of
any fine or penalty authorized pursuant to the provisions of this chapter or
the regulations adopted pursuant thereto against the real estate broker, real
estate broker-salesperson, real estate salesperson, property manager or
owner-developer.

NRS 645.680Revocation, suspension or denial of renewal of license, permit
or registration: Complaint; notice of hearing.

1. The procedure set forth in this section
and NRS 645.690 must be followed before the
Commission revokes, suspends or denies the renewal of any license, permit or
registration of an owner-developer issued pursuant to this chapter.

2. Upon the initiation of a complaint by
the Administrator, the matter must be set for a hearing by the Administrator,
who shall schedule a hearing before the Commission, and the licensee, permittee
or owner-developer is entitled to be heard thereon in person or by counsel.

3. The Commission shall hold the hearing
within 90 days after the filing of a complaint by the Administrator. The time
of the hearing may be continued upon the motion of the Commission or at the
discretion of the Commission, upon the written request of the licensee,
permittee or owner-developer or of the Division for good cause shown.

4. The licensee, permittee or
owner-developer must be given at least 30 days’ notice in writing by the
Division of the date, time and place of the hearing together with a copy of the
complaint and copies of all communications, reports, affidavits or depositions
in possession of the Division relevant to the complaint. The Division may
present evidence obtained after the notice only if the Division shows that the
evidence was not available after diligent investigation before the time notice
was given to the licensee, permittee or owner-developer and that the evidence
was given or communicated to the licensee, permittee or owner-developer
immediately after it was obtained.

5. Notice is complete upon delivery
personally to the licensee, permittee or owner-developer or by mailing by
certified mail to the last known address of the licensee, permittee or
owner-developer. If the licensee is a broker-salesperson or salesperson, the
Division shall also notify the broker with whom he or she is associated, or the
owner-developer by whom he or she is employed, by mailing an exact statement of
the charges and the date, time and place of the hearing by certified mail to
the owner-developer or broker’s last known address.

NRS 645.685Revocation, suspension or denial of renewal of license, permit
or registration: Answer; limitations on time of commencing proceeding.

1. The licensee, permittee or
owner-developer shall file an answer to the charges with the Commission not
later than 30 days after service of the notice and other documents described in
subsection 4 of NRS 645.680. The answer must
contain an admission or denial of the allegations contained in the complaint
and any defenses upon which the licensee, permittee or owner-developer will
rely. If no answer is filed within the period described in this subsection, the
Division may, after notice to the licensee, permittee or owner-developer served
in the manner authorized in subsection 5 of NRS 645.680,
move the Commission for the entry of a default against the licensee, permittee
or owner-developer.

2. The answer may be served by delivery to
the Commission, or by mailing the answer by certified mail to the principal
office of the Division.

3. No proceeding to suspend, revoke or
deny the renewal of any license or registration of an owner-developer may be
maintained unless it is commenced by the giving of notice to the licensee,
permittee or owner-developer within 5 years after the date of the act charged,
whether of commission or omission, except:

(a) If the charges are based upon a
misrepresentation, or failure to disclose, the period does not commence until
the discovery of facts which do or should lead to the discovery of the
misrepresentation or failure to disclose; and

(b) Whenever any action or proceeding is
instituted to which the Division, licensee, permittee or owner-developer is a
party and which involves the conduct of the licensee, permittee or
owner-developer in the transaction with which the charges are related, the
running of the 5-year period with respect to the institution of a proceeding
pursuant to this chapter to suspend, revoke or deny the renewal of the license,
permit or registration is suspended during the pendency of the action or
proceeding.

1. The hearing on the charges must be held
at such time and place as the Commission prescribes. The hearing may be held by
the Commission or a majority thereof, and the hearing must be held, if the
licensee, permittee or owner-developer so requests in writing, within the
northern or southern district, as set forth in NRS
645.100, within which the principal place of business of the licensee,
permittee or owner-developer is situated.

2. At the hearing, a stenographic transcript
of the proceedings must be made if requested or required for judicial review.
Any party to the proceedings desiring a transcript must be furnished with a
copy upon payment to the Division of the reasonable cost of transcription.

NRS 645.700Power of Commission to administer oaths, certify acts and issue
subpoenas; service of process.

1. The Commission, or any member thereof,
shall have power to administer oaths, certify to all official acts, and to
issue subpoenas for attendance of witnesses and the production of books and
papers.

2. In any hearing or investigation in any
part of the State the process issued by the Commission shall extend to all
parts of the State and may be served by any person authorized to serve process
of courts of record. The person serving any such process shall receive such
compensation as may be allowed by the Commission, not to exceed the fees
prescribed by law for similar service, and such fees shall be paid in the same
manner as provided in NRS 645.710 for the payment
of the fees of witnesses.

[Part 22:150:1947; 1943 NCL § 6396.22]—(NRS A 1973,
1103)

NRS 645.710Fees and mileage for witness.

1. Each witness who appears by order of
the Commission is entitled to receive for his or her attendance the same fees
and mileage allowed by law to a witness in civil cases, which amount must be
paid by the party at whose request the witness is subpoenaed.

2. When any witness not otherwise required
to attend, is subpoenaed by the Commission, his or her fees and mileage must be
paid by the Division.

1. The district court in and for the
county in which any hearing may be held shall have the power to compel the
attendance of witnesses, the giving of testimony and the production of books
and papers as required by any subpoena issued by the Commission.

2. In case of the refusal of any witness
to attend or testify or produce any papers required by such subpoena the
Commission may report to the district court in and for the county in which the
hearing is pending by petition, setting forth:

(a) That due notice has been given of the time
and place of attendance of the witness or the production of the books and
papers;

(b) That the witness has been subpoenaed in the
manner prescribed in this chapter; and

(c) That the witness has failed and refused to
attend or produce the papers required by subpoena before the Commission in the
cause or proceeding named in the subpoena, or has refused to answer questions
propounded to him or her in the course of such hearing,

Ę and asking
an order of the court compelling the witness to attend and testify or produce
the books or papers before the Commission.

3. The court, upon petition of the
Commission, shall enter an order directing the witness to appear before the
court at a time and place to be fixed by the court in such order, the time to
be not more than 10 days from the date of the order, and then and there show
cause why the witness has not attended or testified or produced the books or
papers before the Commission. A certified copy of the order shall be served
upon the witness. If it shall appear to the court that the subpoena was
regularly issued by the Commission, the court shall thereupon enter an order
that the witness appear before the Commission at the time and place fixed in
the order and testify or produce the required books or papers, and upon failure
to obey the order the witness shall be dealt with as for contempt of court.

[Part 22:150:1947; 1943 NCL § 6396.22]

NRS 645.730Depositions; taking of evidence in another state; rights of
party to hearing.

1. The Commission may, in any hearing
before it, cause the depositions of witnesses residing within or without the
State to be taken in the manner prescribed by the Nevada Rules of Civil
Procedure for like depositions in civil actions in the district courts of this
State, and to that end may compel the attendance of witnesses and the
production of books and papers.

2. The clerk of the district court in and
for the county in which any hearing may be held by the Commission shall, upon
the application of the Commission, issue commissions or letters rogatory to
other states for the taking of evidence therein for use in any proceedings
before the Commission.

3. Any party to any hearing before the
Commission shall have the right to the attendance of witnesses in the party’s
behalf at such hearing or upon deposition as set forth in this section upon
making request therefor to the Commission and designating the name and address
of the person or persons sought to be subpoenaed.

1. The Commission shall render an informal
decision on any complaint within 15 days after the final hearing thereon and
shall give notice in writing of the ruling or decision to the applicant or
licensee affected thereby within 60 days after the final hearing thereon by
certified mail to the last known address of the person to whom the notice is
sent.

2. If the ruling is adverse to the
licensee, the Commission shall also state in the notice the date upon which the
ruling or decision becomes effective, which date must not be less than 30 days
after the date of the notice.

3. The decision of the Commission may not
be stayed by any appeal in accordance with the provisions of NRS 645.760, unless the district court so orders upon
motion of the licensee, notice to the Division of the motion and opportunity
for the Division to be heard.

4. An appeal from a decision of the
district court affirming the revocation or suspension of a license does not
stay the order of the Commission unless the district or appellate court, in its
discretion and upon petition of the licensee, after notice and hearing orders
such stay, and upon the filing of a bond for costs in the amount of $1,000.

NRS 645.770Restrictions on issuance of new license, permit or registration
after revocation.After the
revocation of any license, permit or registration by the Commission as provided
in this chapter, no new license, permit or registration may be issued to the
same licensee, permittee or registrant, as appropriate, within 1 year after the
date of the revocation, nor at any time thereafter except in the sole
discretion of the Real Estate Division, and then only provided that the
licensee, permittee or registrant satisfies all the requirements for an
original license, permit or registration.

1. Each license issued under the
provisions of this chapter expires at midnight on the last day of the last
month of the applicable license period for the license.

2. The initial license period for an
original license as a real estate broker, broker-salesperson or salesperson is
a period of 24 consecutive months beginning on the first day of the first
calendar month after the original license is issued by the Division.
Thereafter, each subsequent license period is a period of 48 consecutive months
beginning on the first day of the first calendar month after a renewal of the
license is issued by the Division for the subsequent license period.

3. For all other licenses, the license
period is a period of 48 consecutive months beginning on the first day of the
first calendar month after the license or any renewal of the license is issued
by the Division, unless a specific statute:

(a) Provides for a different license period; or

(b) Expressly authorizes a different license
period to be provided for by regulation.

4. The Division may:

(a) Create and maintain a secure website on the
Internet through which each license, permit, certificate or registration issued
pursuant to the provisions of this chapter may be renewed; and

(b) For each license, permit, certificate or
registration renewed through the use of a website created and maintained
pursuant to paragraph (a), charge a fee in addition to any other fee provided
for pursuant to this chapter which must not exceed the actual cost to the
Division for providing that service.

NRS 645.785Effect of failure to renew license or permit; increased fee for
late renewal.

1. If a licensee fails to apply for a
renewal of his or her license before the date of the expiration thereof, no
license may be issued to the licensee except upon another application for an
original license, except that within 1 year of such expiration a renewal may be
issued upon payment of a fee in the amount of $100, in addition to the amount
otherwise required for renewal.

2. If a licensee fails to apply for a
renewal of his or her permit before the date of the expiration thereof, no
permit may be issued to the licensee except upon another application for an
original permit, except that within 1 year of such expiration a renewal may be
issued upon payment of a fee in the amount of $20, in addition to the amount
otherwise required for renewal and compliance with any other requirement for
renewal pursuant to NRS 645.6052 or 645.863.

For each original
real estate broker’s, broker-salesperson’s or corporate broker’s license $210

For each original
real estate salesperson’s license............................................ 170

For each original
branch office license............................................................... 240

For real estate
education, research and recovery to be paid at the time an application for an
original license is filed 40

For real estate
education, research and recovery to be paid at the time an application for
renewal of a license is filed 80

For each renewal of a
real estate broker’s, broker-salesperson’s or corporate broker’s license 360

For each renewal of a
real estate salesperson’s license................................... 280

For each renewal of a
real estate branch office license................................... 220

For each penalty for
late filing of a renewal for a broker’s, broker-salesperson’s or corporate
broker’s license 180

For each penalty for
late filing of a renewal for a salesperson’s license...... 140

For each change of
name or address.................................................................... 20

For each transfer of
a real estate salesperson’s or broker-salesperson’s license and change of
association or employment............................................................................................................................... 20

For each duplicate license
where the original license is lost or destroyed, and an affidavit is made
thereof 20

For each change of
broker status from broker to broker-salesperson............. 20

For each change of
broker status from broker-salesperson to broker............. 40

For each
reinstatement to active status of an inactive real estate broker’s,
broker-salesperson’s or salesperson’s license............................................................................................................................... 20

For each
reinstatement of a real estate broker’s license when the licensee fails to give
immediate written notice to the Division of a change of name or business
location..................................................... 30

For each
reinstatement of a real estate salesperson’s or broker-salesperson’s license
when he or she fails to notify the Division of a change of broker within 30
days of termination by previous broker 30

For each original
registration of an owner-developer....................................... 125

For each annual
renewal of a registration of an owner-developer................ 125

For each enlargement
of the area of an owner-developer’s registration........ 50

For each cooperative
certificate issued to an out-of-state broker licensee for 1 year or fraction
thereof 150

For each original
accreditation of a course of continuing education............ 100

For each renewal of
accreditation of a course of continuing education........ 50

For each annual
approval of a course of instruction offered in preparation for an original license
or permit 100

2. The fees prescribed by this section for
courses of instruction offered in preparation for an original license or permit
or for courses of continuing education do not apply to:

(a) Any university, state college or community
college of the Nevada System of Higher Education.

(b) Any agency of the State.

(c) Any regulatory agency of the Federal
Government.

3. The Commission shall adopt regulations
which establish the fees to be charged and collected by the Division to pay the
costs of any investigation of a person’s background.

NRS 645.841“Fund” defined.As
used in NRS 645.841 to 645.8494,
inclusive, “Fund” means the Real Estate Education, Research and Recovery Fund.

(Added to NRS by 1967, 1043)

NRS 645.842Creation; use; balances; interest and income.

1. The Real Estate Education, Research and
Recovery Fund is hereby created as a special revenue fund.

2. A balance of not less than $300,000
must be maintained in the Fund, to be used for satisfying claims against
persons licensed under this chapter, as provided in NRS
645.841 to 645.8494, inclusive. Any balance
over $300,000 remaining in the Fund at the end of any fiscal year must be set
aside and used:

(a) By the Administrator, after approval of the
Commission, for real estate education and research; or

(b) For any other purpose authorized by the
Legislature.

3. The interest and income earned on the
money in the Fund, after deducting any applicable charges, must be credited to
the Fund.

NRS 645.843Payment of additional fee by licensee for augmentation of Fund.

1. Upon application for or renewal of
every real estate broker’s, broker-salesperson’s and salesperson’s license,
every licensed broker, broker-salesperson and salesperson shall pay in addition
to the original or renewal fee, a fee for real estate education, research and
recovery. The additional fee must be deposited in the State Treasury for credit
to the Real Estate Education, Research and Recovery Fund, and must be used
solely for the purposes provided in NRS 645.841 to 645.8494, inclusive.

1. Except as otherwise provided in
subsection 2, when any person obtains a final judgment in any court of
competent jurisdiction against any licensee or licensees pursuant to this
chapter, upon grounds of fraud, misrepresentation or deceit with reference to
any transaction for which a license is required pursuant to this chapter, that
person, upon termination of all proceedings, including appeals in connection
with any judgment, may file a verified petition in the court in which the
judgment was entered for an order directing payment out of the Fund in the
amount of the unpaid actual damages included in the judgment, but not more than
$25,000 per judgment. The liability of the Fund does not exceed $100,000 for
any person licensed pursuant to this chapter, whether the person is licensed as
a limited-liability company, partnership, association or corporation or as a
natural person, or both. The petition must state the grounds which entitle the
person to recover from the Fund.

2. A person who is licensed pursuant to
this chapter may not recover from the Fund for damages which are related to a
transaction in which the person acted in his or her capacity as a licensee.

3. A copy of the:

(a) Petition;

(b) Judgment;

(c) Complaint upon which the judgment was
entered; and

(d) Writ of execution which was returned
unsatisfied,

Ę must be
served upon the Administrator and the judgment debtor and affidavits of service
must be filed with the court.

4. Upon the hearing on the petition, the
petitioner must show that:

(a) The petitioner is not the spouse of the
debtor, or the personal representative of that spouse.

(b) The petitioner has complied with all the
requirements of NRS 645.841 to 645.8494, inclusive.

(c) The petitioner has obtained a judgment of the
kind described in subsection 1, stating the amount thereof, the amount owing
thereon at the date of the petition, and that the action in which the judgment
was obtained was based on fraud, misrepresentation or deceit of the licensee in
a transaction for which a license is required pursuant to this chapter.

(d) A writ of execution has been issued upon the
judgment and that no assets of the judgment debtor liable to be levied upon in
satisfaction of the judgment could be found, or that the amount realized on the
sale of assets was insufficient to satisfy the judgment, stating the amount so
realized and the balance remaining due.

(e) The petitioner has made reasonable searches
and inquiries to ascertain whether the judgment debtor possesses real or
personal property or other assets, liable to be sold or applied in satisfaction
of the judgment, and after reasonable efforts that no property or assets could
be found or levied upon in satisfaction of the judgment.

(f) The petitioner has made reasonable efforts to
recover damages from each and every judgment debtor.

(g) The petition has been filed no more than 1
year after the termination of all proceedings, including reviews and appeals,
in connection with the judgment.

NRS 645.845Administrator may answer petition for recovery; effect of
judgment; compromise of claim.

1. Whenever the court proceeds upon a
petition as provided in NRS 645.844, the
Administrator may answer and defend any such action against the Fund on behalf
of the Fund and may use any appropriate method of review on behalf of the Fund.
The judgment debtor may answer and defend any such action on his or her own
behalf.

2. Unless the judgment was entered by
default, consent or stipulation or the case was uncontested, the judgment set
forth in the petition is prima facie evidence but the findings of fact therein
are not conclusive for the purposes of NRS 645.841
to 645.8494, inclusive.

3. The Administrator may, subject to court
approval, compromise a claim based upon the application of a petitioner. The
Administrator shall not be bound by any prior compromise of the judgment
debtor.

NRS 645.846Court order requiring payment from Fund.If the court finds after the hearing that the
claim should be levied against the portion of the Fund allocated for the
purpose of carrying out the provisions of NRS 645.841
to 645.8494, inclusive, the court shall enter an
order directed to the Administrator requiring payment from the Fund of whatever
sum it finds to be payable upon the claim pursuant to the provisions of and in
accordance with the limitations contained in NRS
645.841 to 645.8494, inclusive.

(Added to NRS by 1967, 1045)

NRS 645.847Automatic suspension of license upon payment from Fund;
conditions for reinstatement of license.If
the Administrator pays from the Fund any amount in settlement of a claim or
towards satisfaction of a judgment against a licensee, the licensee’s license
issued pursuant to this chapter and chapter 119
of NRS must be automatically suspended upon the effective date of an order by
the court authorizing payment from the Fund. The license of the broker,
broker-salesperson or salesperson may not be reinstated and no other license
may be granted to him or her pursuant to this chapter until he or she has
repaid in full, plus interest at a rate equal to the prime rate at the largest
bank in Nevada, as ascertained by the Commissioner of Financial Institutions,
on January 1 or July 1, as the case may be, immediately preceding the date of
judgment, plus 2 percent, the amount paid from the Fund on his or her account.
Interest is computed from the date payment from the Fund was made by the
Administrator and the rate must be adjusted accordingly on each January 1 and
July 1 thereafter until the judgment is satisfied.

NRS 645.848Distribution of payment from Fund if claims exceed maximum
liability of Fund; order of payment of claims if balance of Fund insufficient;
interest; use of certain money deposited in Fund.

1. Whenever claims are filed against the
Fund which total more than the maximum liability for the acts of one licensee,
the maximum liability of the Fund for each licensee must be distributed among
the claimants in a ratio that their respective claims bear to the total of all
claims, or in any other manner that the court may find equitable.

2. The distribution must be made without
regard to the order of priority in which claims were filed or judgments
entered.

3. Upon petition of the Administrator, the
court may require all claimants and prospective claimants to be joined in one
action so that the respective rights of all claimants may be equitably
determined.

4. If, at any time, the money deposited in
the Fund and allotted for satisfying claims against licensees is insufficient
to satisfy any authorized claim or portion thereof, the Administrator shall,
when sufficient money has been deposited in the Fund, satisfy the unpaid claims
or portions thereof, in the order that the claims or portions thereof were
originally filed, plus accumulated interest at the rate of 6 percent per annum.
Any sums received by the Division pursuant to NRS
645.847 and 645.8491 must be deposited in the
State Treasury for credit to the account for education and research in the
Fund.

NRS 645.8491Administrator subrogated to rights of judgment creditor; deposit
of money recovered.When the
Administrator has paid from the Fund any money to the judgment creditor, the
Administrator is subrogated to all other rights of the judgment creditor to the
extent of the amount paid and any amount and interest so recovered by the
Administrator on the judgment must be deposited in the State Treasury for
credit to the Fund.

NRS 645.8492Waiver of rights.The
failure of a person to comply with any of the provisions of NRS 645.841 to 645.8494,
inclusive, shall constitute a waiver of any rights hereunder.

(Added to NRS by 1967, 1045; A 1973, 1765)

NRS 645.8494Disciplinary action against licensee not restricted.Nothing contained in NRS
645.841 to 645.8494, inclusive, limits the
authority of the Commission to take disciplinary action against a licensee for
a violation for any of the provisions of this chapter, or of the rules and
regulations of the Commission, nor shall the repayment in full of all
obligations to the Fund by any licensee nullify or modify the effect of any
other disciplinary proceeding brought pursuant to the provisions of this
chapter or the rules and regulations promulgated thereunder.

1. A person who is licensed as a real
estate broker, real estate broker-salesperson or real estate salesperson
pursuant to this chapter may apply to the Real Estate Division for a permit to
engage in business as a business broker.

2. An applicant for a permit must:

(a) Provide proof satisfactory to the Real Estate
Division that the applicant has successfully completed at least 24 hours of
instruction relating to business brokerage; and

(b) Comply with any other requirements for the
issuance of a permit established by the Commission.

3. A permit expires on the same date as
the license of the holder of the permit expires. A permit may be renewed at the
time that a person licensed pursuant to this chapter applies for renewal of his
or her license.

4. An applicant for the renewal of a
permit must:

(a) Provide proof satisfactory to the Real Estate
Division that the applicant has successfully completed at least 3 hours of
continuing education required for the renewal of his or her license pursuant to
the regulations adopted by the Commission pursuant to NRS
645.575 in an approved educational course, seminar or conference relating
to business brokerage.

(b) Comply with any other requirements for
renewal of a permit established by the Commission.

5. The Commission shall adopt such
regulations as are necessary to carry out the provisions of this section. The
regulations must include, without limitation, provisions that establish:

(a) Requirements for the issuance or renewal of a
permit.

(b) Fees for:

(1) The issuance or renewal of a permit;

(2) The cost of any examination required
of an applicant for a permit, including, without limitation, any costs which
are necessary for the administration of an examination; and

(3) The cost of any investigation of an
applicant for a permit.

(c) Standards of education for the approval of a
course of instruction to qualify an applicant for the issuance or renewal of a
permit.

NRS 645.865Permit to engage in business as business broker: Requirements
for certain organizations.

1. To engage in business as a business
broker in this State:

(a) A partnership shall designate one of its
members;

(b) A corporation shall designate one of its
officers or employees;

(c) A limited-liability company shall designate
its manager; and

(d) A real estate broker who conducts business as
a sole proprietor shall designate himself or herself or a person who is
licensed under the real estate broker,

Ę to submit an
application for a permit pursuant to NRS 645.863.
The partnership, corporation, limited-liability company or sole proprietor
shall not engage in business as a business broker unless the person so
designated has been issued such a permit.

2. If the person designated to apply for a
permit meets the qualifications for a permit set forth in NRS 645.863, the Real Estate Division shall issue to
that person a permit to engage in business as a business broker on behalf of
the partnership, corporation, limited-liability company or sole proprietor.

3. A person to whom such a permit has been
issued may act as a business broker pursuant to the permit only on behalf of
the partnership, corporation, limited-liability company or sole proprietor, and
not on his or her own behalf. If that person ceases to be connected or
associated with the partnership, corporation, limited-liability company or sole
proprietor, the partnership, corporation, limited-liability company or sole
proprietor shall designate another person who meets the qualifications for a
permit set forth in NRS 645.863 to hold the permit
on behalf of the partnership, corporation, limited-liability company or sole
proprietor.

4. Any member, officer or employee of a
partnership, corporation, limited-liability company or sole proprietor, other
than the person designated as the business broker pursuant to subsection 1, who
wishes to engage in business as a business broker must apply in his or her own
name for a permit. Pursuant to such a permit, the member, officer or employee
of a partnership, corporation, limited-liability company or sole proprietor may
act as a business broker only as an officer, agent or employee of the
partnership, corporation, limited-liability company or sole proprietor, and not
on his or her own behalf.

1. If a real estate broker does not hold a
permit to engage in business as a business broker but intends to have the
activities of a business broker conducted at an office, the real estate broker
must:

(a) Appoint a person, who has the qualifications
required by this section, as the designated business broker for the office to
supervise the activities of a business broker conducted at the office; and

(b) Submit notice of the appointment to the
Division.

2. The designated business broker for an
office must be a natural person who:

(a) Holds a license as a real estate broker or
real estate broker-salesperson;

(b) Holds a permit to engage in business as a
business broker; and

(c) Has 2 years active experience, within the 4
years immediately preceding the date of the appointment, in conducting the
activities of a business broker in the United States as a licensed real estate
broker, real estate broker-salesperson or real estate salesperson.

3. While acting as the designated business
broker for an office, the person:

(a) Must comply with all applicable provisions of
this chapter; and

(b) Is subject to all the remedies and penalties
provided for in this chapter.

NRS 645.8701Definitions.As
used in NRS 645.8701 to 645.8811,
inclusive, unless the context otherwise requires, the words and terms defined
in NRS 645.8705 to 645.8741,
inclusive, have the meanings ascribed to them in those sections.

NRS 645.8705“Brokerage agreement” defined.“Brokerage
agreement” means a written contract between an owner and a real estate broker
in which the owner agrees to pay a commission to the real estate broker for
services provided by the broker relating to the disposition of commercial real
estate as specified in the agreement.

NRS 645.8711“Commercial real estate” defined.“Commercial
real estate” means any real estate located in this State. The term does not
include:

1. Improved real estate that consists of
not more than four residential units;

2. Unimproved real estate for which not
more than four residential units may be developed or constructed pursuant to
any zoning regulations or any development plan applicable to the real estate;
or

3. A single-family residential unit,
including a condominium, townhouse or home within a subdivision, if the unit is
sold, leased or otherwise conveyed unit by unit, regardless of whether the unit
is part of a larger building or parcel that consists of more than four units.

NRS 645.8735“Owner” defined.“Owner”
means a person who holds legal title to or any interest in any commercial real
estate that is described in a brokerage agreement, including, without
limitation, any assignee in interest and any agent of a person. The term does
not include a mortgagee, trustee under or beneficiary of a deed of trust or an
owner or holder of a claim that encumbers any real estate or any improvement on
that real estate.

NRS 645.8741“Owner’s net proceeds” defined.“Owner’s
net proceeds” means the gross receipts to which an owner is entitled upon the
disposition of any commercial real estate specified in a brokerage agreement.
The term does not include:

1. Any money that is required to pay an
encumbrance, claim or lien that has priority over a claim recorded pursuant to
the provisions of NRS 645.8775 other than an
encumbrance, claim or lien that the person to whom the commercial real estate is
conveyed or otherwise transferred authorizes to remain after the disposition of
the real estate; or

2. Any costs incurred by the owner to
close escrow for that commercial real estate.

NRS 645.8761Broker has claim upon owner’s net proceeds for earned
commissions; conditions and limitations on enforcement of claim; waiver;
inapplicability to third-party claims; obligation to close escrow unaffected by
claim.

1. A real estate broker has a claim upon
the owner’s net proceeds from the disposition of commercial real estate for any
commission earned by the real estate broker pursuant to a brokerage agreement.
For the purposes of this subsection, a commission shall be deemed to be earned
when the real estate broker has performed his or her duties pursuant to the
brokerage agreement.

2. The claim belongs to the real estate
broker named in the brokerage agreement and not to an employee or independent
contractor of the real estate broker.

3. A claim that is recorded pursuant to
the provisions of NRS 645.8775:

(a) Is a claim upon personal property and does
not attach to the title of any real property.

(b) May be waived if, on or before the date the
brokerage agreement is executed, the real estate broker signs a written waiver of
the real estate broker’s right to enforce the claim. The waiver must be printed
in uppercase letters and must be limited to one transaction. A person other
than the real estate broker may not waive the rights of the real estate broker
pursuant to this section, regardless of whether that person may execute and
bind the real estate broker to a brokerage agreement.

(c) May not be enforced by a person other than
the real estate broker and the owner.

4. A claim of a third party may not be
brought or otherwise adjudicated pursuant to the provisions of NRS 645.8701 to 645.8811,
inclusive.

5. The recording or enforcement of a claim
by a real estate broker pursuant to the provisions of NRS
645.8701 to 645.8811, inclusive, does not
relieve the owner of his or her obligation to close escrow for any commercial
real estate.

NRS 645.8765Requirements for broker to enforce claim: Written notice to
owner and escrow agent; effect of failure to provide notice; exceptions.

1. Except as otherwise provided in
subsection 3, if a real estate broker wishes to enforce a claim pursuant to the
provisions of NRS 645.8701 to 645.8811, inclusive, the real estate broker shall,
within 7 days after a commission is earned by the real estate broker pursuant
to a brokerage agreement, provide a written notice of the claim to:

(a) The owner of the commercial real estate
specified in the brokerage agreement; and

(b) The escrow agent closing the transaction for
the commercial real estate.

2. A real estate broker who fails to
provide a notice of a claim within the period specified in subsection 1 may not
enforce the claim pursuant to the provisions of NRS
645.8701 to 645.8811, inclusive.

3. A real estate broker is not required to
provide a written notice of a claim to an escrow agent pursuant to this section
if the identity of the escrow agent is unknown to the real estate agent at the
time the notice is provided by the real estate broker to the owner pursuant to
paragraph (a) of subsection 1.

NRS 645.8775Duty of owner to confirm or deny claim; effect of confirming
claim; effect of denying claim or failing to respond; recording of claim by
broker.

1. If an owner is served with a notice of
a claim pursuant to NRS 645.8765, the owner shall,
within 5 days after service of the notice but not later than 7 days before the
disposition of the commercial real estate:

(a) Confirm or deny the claim set forth in the
notice; and

(b) Notify, in writing, the real estate broker
who provided the notice to the owner.

2. If the owner confirms the claim and
notifies the real estate broker of that fact pursuant to subsection 1, the
owner may instruct the escrow agent for the commercial real estate to pay to
the real estate broker the amount claimed by the real estate broker in the
notice of the claim.

3. If the owner fails to notify the real
estate broker within the period specified in subsection 1 or notifies the real
estate broker that the owner denies the claim, the real estate broker may
record the notice of the claim in the office of the county recorder where the
commercial real estate or any portion of the commercial real estate is located.

(c) An escrow agent has actual notice of a claim
specified in paragraph (b),

Ę the escrow
agent shall reserve from the owner’s net proceeds an amount that is equal to
the amount claimed by the real estate broker in his or her recorded claim. If
the amount of the owner’s net proceeds is insufficient to satisfy the amount of
the claim, the escrow agent shall reserve the entire amount of the owner’s net
proceeds. In determining whether the amount of the owner’s net proceeds is
insufficient to satisfy the amount of the claim, the escrow agent may consider
any encumbrance, claim or lien that has priority over the claim of the real
estate broker pursuant to NRS 645.8795.

2. If the escrow agent determines that the
amount of the owner’s net proceeds is insufficient to satisfy the amount of the
claim, the escrow agent:

(a) Shall, within 3 days after making that
determination but not later than the close of escrow, notify the real estate
broker of that fact in writing; and

(b) Shall not release to the owner any portion of
the owner’s net proceeds unless the escrow agent receives a copy of the written
agreement executed by the owner and the real estate broker authorizing the
escrow agent to release those proceeds to the owner.

3. Except as otherwise provided in
paragraph (b) of subsection 2 and NRS 645.8791, if
an owner’s net proceeds or any portion of an owner’s net proceeds are reserved
pursuant to this section, the escrow agent who reserves those proceeds shall
not release the proceeds to any person until the rights of the owner and the
real estate broker are determined pursuant to NRS
645.8791.

4. A reservation of an owner’s net
proceeds or any portion of an owner’s net proceeds pursuant to this section
does not relieve the owner of the obligation to close escrow for the commercial
real estate.

(b) An escrow agent has reserved an owner’s net
proceeds or any portion of an owner’s net proceeds pursuant to NRS 645.8781; and

(c) Escrow for the disposition of the commercial
real estate has closed,

Ę the escrow
agent may, in accordance with the provisions of NRS 645A.177, deposit with the district
court of the county where the claim is recorded the amount of the owner’s net
proceeds reserved by him or her pursuant to NRS
645.8781.

2. If an escrow agent deposits an owner’s
net proceeds with a district court pursuant to subsection 1, the escrow agent
is discharged from any further liability concerning those proceeds.

NRS 645.8791Civil action concerning claim: Issuance of order to broker to
appear and show cause; effect of failure to appear; hearings; release of
proceeds; frivolous claims; compensatory damages; award of costs and attorney’s
fees to prevailing party.

1. If a claim is recorded pursuant to NRS 645.8775, the owner against whom the claim is
recorded may:

(a) File a civil action concerning the claim in
the district court of the county where the commercial real estate or a portion
of the commercial real estate is located; and

(b) At the time the summons is issued or at any
time before the complaint is answered by the real estate broker, apply to the
district court for an order directing the real estate broker to appear before
the court to show cause why the claim should not be dismissed.

2. If the court issues an order directing
the real estate broker to appear before the court, the order must:

(a) State that, if the real estate broker fails
to appear at the time and place specified in the order, the claim will be
dismissed with prejudice pursuant to subsection 3;

(b) Specify a time and date on which the court
will conduct a hearing on the matter; and

(c) Establish a period within which the owner
must serve a notice of the order on the real estate broker and the escrow
agent.

3. If the real estate broker fails to
appear at the time and place specified in the order issued pursuant to
subsection 2, the court shall issue an order:

(a) Dismissing the claim with prejudice;

(b) Cancelling the notice of the claim recorded
pursuant to NRS 645.8775; and

(c) Requiring the real estate broker to record in
the office of the county recorder of the county where the notice of the claim
is recorded a copy of the order of cancellation issued pursuant to paragraph
(b).

Ę An order
issued pursuant to this subsection must state that the cancellation of the
notice of the claim has the same effect as an expungement of that notice.

4. If a hearing is conducted pursuant to
this section, the court shall consider the showing made by the parties at the
hearing and shall make a preliminary determination of which party, with
reasonable probability, is entitled to the amount of the owner’s net proceeds
claimed by the broker pending final adjudication of the claims of the parties.

5. If, after the hearing, the district
court determines there is a reasonable probability that:

(a) The real estate broker is entitled to the
amount of the owner’s net proceeds claimed by him or her, the court shall, if
those proceeds:

(1) Have been deposited with the court by
the escrow agent pursuant to NRS 645.8785, release
the proceeds to the real estate broker; or

(2) Have not been deposited with the court
by the escrow agent pursuant to that section, order the escrow agent to release
the proceeds to the real estate broker; or

(b) The owner is entitled to the amount of the
owner’s net proceeds claimed by the real estate broker, the court shall, if
those proceeds:

(1) Have been deposited with the court by
the escrow agent pursuant to NRS 645.8785, release
the proceeds to the owner; or

(2) Have not been deposited with the court
by the escrow agent, order the escrow agent to release the proceeds to the
owner.

6. If the owner believes the claim is
frivolous and is made without reasonable cause, the owner may include in the
application submitted pursuant to subsection 1 a request for an order directing
the real estate broker to appear and show cause why the claim should not be
dismissed on those grounds. If the court issues such an order, any hearing
conducted pursuant to that order must be conducted in the manner provided in NRS 108.2275. In addition to any remedy
set forth in that section, the court may award compensatory damages to the
owner.

7. The prevailing party in any civil
action filed or hearing conducted pursuant to this section is entitled to
receive:

(a) Any costs incurred by that party for the
civil action or hearing; and

(b) A reasonable attorney’s fee.

8. Proceedings conducted pursuant to this
section do not affect any rights or remedies otherwise available to the owner
or the real estate broker.

1. Except as otherwise provided in
subsection 2, a claim that is recorded pursuant to the provisions of NRS 645.8775 has priority over any other encumbrance,
claim or lien, if the claim of the real estate broker is recorded before the
encumbrance, claim or lien.

2. The provisions of subsection 1 do not
apply to a lien recorded pursuant to the provisions of NRS 108.221 to 108.246, inclusive.

NRS 645.8801Release of recorded claim.If
a real estate broker records a claim pursuant to the provisions of NRS 645.8775 and that claim is paid or otherwise
satisfied pursuant to that section, the real estate broker shall, within 3 days
after the claim is paid or otherwise satisfied, record a written release of
that claim. The release must be recorded in the office of the county recorder
where the claim was recorded.

(a) Obtains or attempts to obtain a license
pursuant to this chapter by means of intentional misrepresentation, deceit or
fraud; or

(b) Sells or attempts to sell in this State any
interest in real property by means of intentional misrepresentation, deceit or
fraud,

Ę is guilty of
a category D felony and shall be punished as provided in NRS 193.130. In addition to any other
penalty, the court shall order the person to pay restitution.

2. Any licensee, permittee or
owner-developer who commits an act described in NRS
645.630, 645.633 or 645.635
shall be punished by a fine of not more than $5,000 for each offense.

3. A person who violates any other
provision of this chapter, if a natural person, is guilty of a gross
misdemeanor, and if a limited-liability company, partnership, association or
corporation, shall be punished by a fine of not more than $2,500.

4. Any officer or agent of a corporation,
or member or agent of a limited-liability company, partnership or association,
who personally participates in or is an accessory to any violation of this
chapter by the limited-liability company, partnership, association or
corporation, is subject to the penalties prescribed in this section for natural
persons.

5. The provisions of this section do not
release a person from civil liability or criminal prosecution pursuant to the
general laws of this State.

6. The Administrator may prefer a
complaint for violation of NRS 645.230 before any
court of competent jurisdiction and may take the necessary legal steps through
the proper legal officers of this State to enforce the provisions thereof.

7. Any court of competent jurisdiction may
try any violation of this chapter, and upon conviction, the court may revoke or
suspend the license of the person so convicted, in addition to imposing the
other penalties provided in this section.

NRS 645.993Unlawful to file documents that are false or contain willful,
material misstatement of fact; penalty.

1. It is unlawful for any person to file
with the Administrator, the Division or the Commission any notice, statement,
complaint or other document required under the provisions of this chapter which
is false or which contains any willful, material misstatement of fact.

2. A person who violates any provision of
this section is guilty of a gross misdemeanor.